KKR and Stonepeak Edge Closer to $2.08 Billion Acquisition of UK Healthcare Landlord Assura

Assura's board signals tentative approval of an improved cash offer from KKR and Stonepeak, while rejecting a competing merger proposal.

KKR and Stonepeak Partners have proposed a non-binding cash offer of 49.4 pence per share, valuing Assura at £1.61 billion ($2.08 billion).
The offer represents a 32% premium over Assura's share price before KKR's takeover interest became public in February 2025.
Assura's board has indicated it would likely recommend the offer to shareholders if it is formally tabled, following extensive consultation with major stakeholders.
A competing merger proposal from Primary Health Properties, valuing Assura at 43 pence per share, was rejected due to lower value and higher risk.
The potential acquisition continues a trend of private equity firms targeting undervalued UK real estate, with Assura's portfolio of over 600 NHS-backed healthcare properties seen as a key asset.