KKR-Stonepeak Raises Offer for UK’s Assura to $2.3 Bn, Outbids PHP

The latest offer marks a more than 39% premium over Assura’s share price on February 13, the day before KKR and Stonepeak’s initial approach.

Private equity firms KKR and Stonepeak Partners have increased their bid for UK-based healthcare real estate company Assura to nearly £1.7 billion ($2.3 billion), presenting their “best and final” offer.

The revised bid of 52.1 pence per share, including dividends, now exceeds the 51.7 pence offer submitted by Primary Health Properties (PHP) last month. The latest offer marks a more than 39% premium over Assura’s share price on February 13, the day before KKR and Stonepeak’s initial approach.

Assura’s shares have since surged by 32%, bringing the company's market capitalization to £1.6 billion as of Tuesday. The firm manages over 600 healthcare-focused properties with a total investment value exceeding £3 billion, and counts the UK’s National Health Service as a client.

Lower-Risk, All-Cash Bid Faces Competitive Landscape

KKR Managing Director Andrew Furze stated, “The latest all-cash offer is lower risk than other alternatives and requires no divestment.”

The bid escalation follows Assura’s initial support for KKR-Stonepeak’s earlier proposal in April. That move prompted PHP to respond with a competing cash-and-stock offer, which some analysts viewed as attractive due to its potential for shareholders to retain a stake in UK-listed social healthcare assets.

The contest reflects increasing interest in UK companies from global private equity players, who see opportunity in relatively low market valuations.

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