Assura: KKR-Stonepeak Increases Offer to $2.3 Billion
Deal News | Jun 11, 2025 | Zawya
Private equity firms KKR and Stonepeak Partners have raised their bid for British healthcare real estate investor Assura to nearly £1.7 billion ($2.3 billion), marking their "best and final" offer. This bid of 52.1 pence per share surpasses the 51.7 pence bid from competitor Primary Health Properties (PHP) made last month. The offer from KKR and Stonepeak represents over a 39% premium to Assura's stock price before their initial approach, driving Assura's market cap to £1.6 billion. Assura, with over 600 healthcare properties worth more than £3 billion, services the UK’s National Health Service. The acquisition aligns with a trend of UK firms being acquired by foreign private equity due to attractive valuations. Notably, KKR-Stonepeak's all-cash offer is seen as lower risk, not requiring any asset divestment, which was highlighted by KKR Managing Director Andrew Furze. Previously, Assura supported KKR-Stonepeak's earlier proposal before PHP raised its bid. PHP's offer, including cash and stock, had drawn interest due to ownership prospects in public healthcare assets. PHP has yet to respond after the latest bid.
Sectors
- Private Equity & Investment Management
- Healthcare Real Estate
Geography
- United Kingdom – Assura is a UK-based healthcare real estate company, and the investment decision is centered on the UK market.
- International – KKR and Stonepeak Partners are international private equity firms involved in the transaction involving a UK company.
Industry
- Private Equity & Investment Management – The article involves private equity firms KKR and Stonepeak Partners making a significant investment in Assura, a UK-based healthcare real estate company.
- Healthcare Real Estate – Assura manages a large portfolio of healthcare properties in the UK, targeting investment opportunities in the healthcare sector.
Financials
- $2.3 billion – The value of the increased offer from KKR and Stonepeak for Assura.
- 52.1 pence per share – The share price offer by KKR and Stonepeak for Assura, including dividends.
- 39% – The premium offered on Assura's closing price the day before KKR and Stonepeak's first approach.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Assura | Target Company | Company | A UK-based healthcare real estate investor managing over 600 healthcare properties and serving the National Health Service. |
| KKR | Bidding Company | Company | An international private equity firm making a joint bid with Stonepeak for Assura. |
| Stonepeak Partners | Bidding Company | Company | A private equity firm partnering with KKR in the bid for Assura. |
| Primary Health Properties (PHP) | Competing Bidder | Company | A rival bidder for Assura offering a cash and stock deal. |
| National Health Service | Customer | Government | The state-backed healthcare provider in the UK and a customer of Assura. |