London-listed property and healthcare infrastructure firm Assura appears poised to accept a £1.61bn private equity takeover bid from KKR and Stonepeak Partners. 

The board has indicated it is “minded” to recommend the offer, should a firm bid be made at the latest proposed terms of 49.4p per share.

The latest approach marks KKR’s fifth bid for Assura, surpassing its previous offer of 48p per share in February, which valued the company at £1.56bn. The firm, which owns more than 600 buildings, including doctors’ surgeries across the UK, has been a target of multiple acquisition attempts in recent months.

Assura also confirmed it had rejected a merger proposal from Primary Health Properties (PHP), which valued the company at approximately 43p per share. The board favoured the KKR-led offer, citing the significantly higher cash value and lower risk profile compared to PHP’s proposal.

KKR, which recently joined the UK Private Equity Conference in London, initially partnered with the Universities Superannuation Scheme (USS) in its previous takeover attempts. However, USS withdrew from the bidding process last month after failing to reach an agreement.

With Stonepeak now joining forces with KKR, Assura’s board acknowledged the consortium’s long-term infrastructure investment approach and commitment to expanding Assura’s portfolio. The board also noted extensive consultations with major shareholders, which contributed to its stance on the latest offer.

While no firm offer has been made yet, the ongoing negotiations signal a potential resolution to the takeover saga. If successful, the acquisition would mark a major shift in the UK healthcare property sector, as private equity deepens its presence in social infrastructure investments.