Assura plc, the Altrincham-based healthcare real estate investment trust (REIT), on Wednesday agreed to be acquired by Kohlberg Kravis Roberts (KKR) and Stonepeak Partners in a £1.608 billion cash deal.
Assura shareholders will be entitled to receive 48.56p per share in cash — and a quarterly interim dividend of 0.84p announced on February 18, 2025, and due to be paid on April 9, 2025.
“The acquisition values the entire issued and to be issued ordinary share capital of Assura at approximately £1,608 million on a fully diluted basis,” said KKR.
Assura chair Ed Smith 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.”
Asssura CEO Jonathan Murphy said: “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, said: “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.”