KKR and Stonepeak have agreed the terms of a £1,608m takeover deal for healthcare REIT Assura.
As at 30 September 2024, Assura’s portfolio of primary care centres, hospitals and other specialist healthcare properties was valued at more than £3.1bn.
The cash offer represents a premium of approximately 31.9% to the closing price of 37.4p per Assura share on 13 February 2025, and under the terms of the acquisition, each Assura shareholder will receive 49.4p in cash for each share held.
Ed Smith, non-executive chair of Assura, said: “The board of Assura is focused on delivering maximum value for Assura shareholders. The cash offer from KKR and Stonepeak allows Assura shareholders to realise their investment at an attractive price. 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.”
Jonathan Murphy, chief executive officer of Assura, added: “The cash offer from KKR and Stonepeak offers an attractive opportunity for Assura Shareholders to crystallise value immediately and enables the company to accelerate its growth via additional investment in critical healthcare infrastructure in the UK and Ireland. My team and I look forward to working closely with KKR and Stonepeak in the years ahead.”
Tara Davies, partner, co-head of EMEA and co-head of European infrastructure at KKR, said: “Assura is a market leader in healthcare infrastructure and we share the company’s objective of building best-in-class facilities to support the delivery of national healthcare objectives. Delivering this effectively requires significant investment in Assura’s platform, a long-term perspective and the ability to fund Assura’s growth through long-term and flexible capital. Together, KKR and Stonepeak bring deep pockets and understanding of UK infrastructure and real estate, and a shared track record of accelerating growth and investment.”
Nikolaus Woloszczuk, senior managing director at Stonepeak, added: “Assura represents a strong fit for our core infrastructure strategy with its long-term, contracted customer relationships, the inflation-linked nature of the business, and its essentiality as healthcare needs increase in the UK. Its primary care centres and hospitals play an important role in the provision of healthcare services across the country.
“Ensuring that these assets can continue to fulfil an essential service to communities, now and in the future, is a core focus of the consortium and we believe this will be more effectively and more sustainably achieved in private ownership. Stonepeak and KKR share a common approach to infrastructure investing based on active operational engagement, and we will bring all our resources to bear in supporting Assura’s management team deliver on their long-term ambitions for the company.”
