19th Jun 2025 08:14
(Alliance News) - Kohlberg Kravis Robert & Co Inc on Thursday said it has received clearance from the European Commission to acquire Assura PLC.
The US private equity firm leads a consortium, called Sana Bidco Ltd, that also includes property investor Stonepeak Partners LP, both New York-based.
KKR said the only regulatory condition to the Assura takeover offer that remains outstanding is foreign direct investment clearance in Ireland.
The consortium offer remains subject to the satisfaction of the remaining conditions, private equity firm said.
On Wednesday last week, Assura accepted the offer from Sana Bidco.
Approval from the European Commission comes days after Primary Health Properties PLC revised the terms of its own takeover offer for Assura. Assura said on Monday it was reviewing this revision.
The revised terms include the potential acceleration of Assura's third-quarter dividend without a corresponding reduction in the value of the PHP offer. PHP also lowered the acceptance condition for its offer to a threshold more than 50%, the same acceptance condition as the cash offer from the KKR group and down from 75% previously.
In May, PHP, a London-based healthcare facility investor, made a cash and shares bid for Assura. It offered 12.5 pence cash and 0.3769 of a new Primary Health share for each Assura share, valuing Assura at the time at 51.7p per share.
Primary Health Properties said on Friday last week it would ask its shareholders to vote on its takeover offer for Assura at a general meeting on July 1. It also said then Assura shareholders have up to August 12 to accept its offer.
Shares in Assura were down 0.2% to 50.04p in London on Thursday morning. Primary Health Properties was down 0.3% at 103.20p.
By Artwell Dlamini, Alliance News reporter
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