Investing.com -- Private equity firms KKR and Stonepeak have agreed to acquire Assura, the UK-listed healthcare property company, in a £1.6 billion cash transaction, the companies announced on Wednesday.
Assura shareholders will receive 49.4 pence per share under the deal, including a previously announced interim dividend of 0.84 pence.
The offer represents a 32% premium to Assura’s closing share price before the offer period began in February and matches its reported net asset value per share as of September 2024.
The acquisition will be made through Sana Bidco, a newly created entity owned by funds managed by KKR and Stonepeak. It will be implemented via a court-sanctioned scheme of arrangement, pending shareholder and regulatory approval.
Assura’s board has unanimously recommended the offer. Directors holding shares—accounting for around 0.1% of the company’s issued capital—have pledged to vote in favour of the deal.
“The cash offer from KKR and Stonepeak allows Assura Shareholders to realise their investment at an attractive price,” said Ed Smith, non-executive chair of Assura.
“At the same time, I am confident that the Company will continue to flourish under the ownership of KKR and Stonepeak. With the benefit of the additional capital that KKR and Stonepeak can provide, Assura will be able to continue to support the NHS and other healthcare providers in delivering improved health outcomes,” he added.
Founded in 2003, Assura is a FTSE 250 real estate investment trust with a portfolio of over £3.1 billion in healthcare properties across the UK and Ireland.
It owns and manages more than 600 buildings, including GP surgeries and community medical centres, serving over six million patients.
The company became the first FTSE 250 member to receive B Corporation certification in 2024 and also has a secondary listing on the Johannesburg Stock Exchange.
KKR and Stonepeak said the acquisition aligns with their long-term investment strategies in core infrastructure. They cited Assura’s stable, inflation-linked income profile and its role in supporting essential public services.
The firms plan to back Assura’s existing management team and strategy while expanding its development pipeline through private capital.
The transaction is expected to close in the third quarter of 2025, subject to customary approvals.