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KKR-Stonepeak raise bid in battle for UK's Assura to $2.3 billion
- 6/11/2025
(Reuters) -Private equity firms KKR and Stonepeak Partners raised their offer for Britain's Assura on Wednesday to almost 1.7 billion pounds ($2.3 billion), topping a rival bid with their "best and final" offer for the healthcare real estate investor.
The 52.1 pence a share offer, including dividends, trumps the 51.7 pence proposed by rival suitor Primary Health Properties last month.
It represents a more than 39% premium to Assura's closing price on February 13, the day before KKR and Stonepeak's first approach. The stock has soared 32% since then, giving Assura a market capitalisation of 1.6 billion pounds as of Tuesday.
Assura on Wednesday said PHP's offer poses "material risks and downsides" for its shareholders and that it recommends accepting KKR-Stonepeak's improved proposal.
In response, PHP stated it "strongly disagrees" with Assura's evaluation of its bid and is reviewing its options.
Assura manages over 600 healthcare properties with an investment value exceeding 3 billion pounds, and counts Britain's state-backed National Health Service as a customer.
It joins a growing list of UK companies being bought out by overseas private equity firms or investment companies, attracted by comparatively cheap valuations.
The latest all-cash offer "is lower risk than other alternatives" and requires no divestment, KKR Managing Director Andrew Furze said in a statement.
In April, Assura had backed KKR-Stonepeak's previous cash offer, prompting a higher bid from PHP last month. Some analysts had said PHP's offer was more attractive as it comprised cash and stock, and provided ownership of social healthcare assets via a public limited company listed in the UK.
($1 = 0.7415 pounds)
(Reporting by Yadarisa Shabong and Shashwat Awasthi in Bengaluru. Editing by Janane Venkatraman and Mark Potter)