Assura Rejects $2 Billion Proposal from KKR
Deal News | Feb 17, 2025 | Zawya
British healthcare property developer Assura has declined a $2 billion acquisition proposal from the U.S. private equity firm KKR and the Universities Superannuation Scheme. The proposal, which offered 48 pence per share, represented a 28.2% premium on the closing share price but was still rejected by Assura's board. The decision comes amid increased M&A activity in the UK, facilitated by stable interest rates and attractive valuations. While KKR has made four non-binding proposals, it remains uncertain whether they will pursue further engagement or issue an independent offer. Under UK takeover regulations, KKR has until March 14 to submit a formal offer. Assura is notable for its robust portfolio of over 600 healthcare properties, which include Britain's NHS as a customer.
Sectors
- Private Equity
- Healthcare Real Estate
Geography
- United Kingdom – Assura is a UK-based company, and the proposed transaction is occurring within this geographic context.
- United States – KKR is a U.S.-based private equity group involved in the proposed acquisition.
Industry
- Private Equity – This industry is involved due to KKR's role in attempting a buyout.
- Healthcare Real Estate – Assura operates in this sector, owning and developing health-related properties.
Financials
- 1.56 billion GBP – The value of the proposal by KKR and Universities Superannuation Scheme.
- 48 pence per share – The per-share offer price for Assura by KKR.
- 3.2 billion GBP – Investment value of Assura's property portfolio as of September.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Assura | Target Company | Company | A British healthcare property developer managing over 600 properties, primarily serving the NHS. |
| KKR | Bidding Company | Company | A major U.S. private equity firm attempting to acquire Assura. |
| Universities Superannuation Scheme | Investor | Company | A UK pension fund partnering with KKR in the proposal. |
| Shore Capital | Analyst | Company | Provided analysis on the transaction, noting Assura's strong portfolio. |
| Andrew Saunders | Analyst | Person | A Shore Capital analyst who commented on Assura's appeal to bidders. |