Private equity firms KKR and Stonepeak have reached an agreement to acquire Assura, the UK’s largest owner of GP surgeries and community healthcare centres, in a £1.7bn all-cash deal.

The takeover offer, described by KKR as “best and final,” follows a prolonged bidding process and trumps an earlier £1.6bn proposal that had included a rival offer from Primary Health Properties. The consortium has now opted for a conventional takeover route, requiring support from just over 50% of Assura’s shareholders, instead of the previously planned scheme of arrangement.

“After nearly a year of engagement, this is our best and final offer which we believe is lower risk than other alternatives and higher in value,” said Andrew Furze, Managing Director at KKR.

The acquisition will be financed through the firms’ open-ended funds, providing long-term capital to support Assura’s continued development of new healthcare infrastructure, including GP surgeries and ambulance depots, as well as strategic acquisitions.

The deal is part of a broader wave of private equity-led take-privates targeting undervalued London-listed firms. Other recent transactions include Advent International’s bid for Spectris, Qualcomm’s agreement to buy Alphawave, and WSP Global’s £281m offer for Ricardo.

Source: Financial Times

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