Overview

• Assura’s board recommended shareholders accept the £1.7bn bid from KKR and Stonepeak over Primary Health Properties’ £1.68bn proposal, citing lower risk.
• The takeover vehicle Sana Bidco’s cash-only terms require no asset disposals, offering greater deal certainty than PHP’s share-based offer.
• KKR and Stonepeak plan to deploy fresh capital to accelerate development and refurbishment across Assura’s portfolio of over 600 medical buildings.
• The deal will lead to Assura’s delisting from the London Stock Exchange, removing public-market constraints on its funding strategy.
• Some analysts and investors remain skeptical, arguing that rising property values and healthcare rents could mean the offer undervalues Assura.