KKR & Assura: Deal Approval
The European Commission has given the green light to KKR’s £1.7 billion acquisition of Assura, a notable move in the healthcare property market, but significant hurdles remain. Key Assura shareholders, including Quilter Cheviot and Schroders, are voicing strong opposition, preferring a bid from Primary health Properties (PHP).This deal, highlighted by the fierce bidding war involving primarykeyword KKR’s takeover of Assura and secondarykeyword shareholder concerns, reflects a continuing trend of international firms acquiring UK assets, potentially impacting the London Stock Exchange. Despite regulatory approval, dissenting voices may influence the final outcome. The intense competition drove the final offer price up, but the final decision rests with the shareholders.For more on these market maneuvers,and the companies involved,keep up with News Directory 3. Discover what’s next …
KKR’s acquisition of Assura Gains EU Approval Amid Shareholder Concerns
Updated June 19,2025
The proposed £1.7 billion takeover of Assura, a major healthcare property owner, by private equity firm KKR has secured clearance from the European Commission. The deal, executed through KKR’s acquisition vehicle Sana Bidco, still faces opposition from key Assura shareholders.
The acquisition of assura,which owns numerous GP surgeries across the UK,is poised to remove another company from the London Stock Exchange,continuing a trend of international firms acquiring British assets. KKR’s bid emerged victorious after a competitive battle with Primary Health properties (PHP) as February. The increased competition drove the offer price from £1.56 billion to KKR’s final £1.7 billion.
Despite KKR’s prosperous bid for assura, Quilter Cheviot and Schroders, holding approximately 6% and 5% of Assura’s shares respectively, have voiced their preference for PHP. Allianz, Gravis and Baillie Gifford have also supported PHP, arguing that KKR’s offer undervalues Assura.
PHP had previously urged Assura shareholders to reject KKR’s offer, promoting a PHP-Assura merger as a “highly compelling proposition.” The company cited expectations of strong rental growth and lower interest rates boosting primary care property values.
PHP also attempted to sweeten its deal by easing acceptance conditions and promising to accelerate its quarterly dividend in October. Assura’s share price has risen by over 33% since february as the bidding war unfolded.
PHP said a tie-up represents a “highly compelling proposition”.
What’s next
The deal awaits final shareholder approval, with dissenting voices possibly influencing the ultimate outcome despite regulatory clearance.