Assura, a UK-based specialist healthcare real estate investment trust (REIT), has agreed to a recommended cash acquisition by a consortium led by private equity giant KKR and infrastructure investment firm Stonepeak.
The transaction, valued at approximately £1.6 billion, will see Assura taken private via a scheme of arrangement under Part 26 of the Companies Act 2006.
The board of Assura has unanimously recommended the offer, citing it as fair and reasonable, and has received independent financial advice from Lazard.
A strategic fit for long-term healthcare investment
Assura owns and manages a £3.1 billion portfolio of primary care centres, hospitals, and specialist healthcare properties across the UK and Ireland, providing services to over six million patients.
KKR has been targeting healthcare organisations in recent acquisitions. The investment firm also agreed to acquire DawsonGroup in January this year. DawsonGroup provides many temporary structures for healthcare facilities, such as vaccination centres and laboratories, among other services to the healthcare industry.
The proposed acquisition of Assura now comes at a time of increasing demand for modern, sustainable healthcare infrastructure amid demographic changes and NHS estate pressures.
Assura became a certified B Corporation in 2024, a first for a FTSE 250 business, reflecting its commitment to social and environmental performance.
As such, KKR and Stonepeak believe Assura’s portfolio and management team are well-positioned to meet these needs and intend to support the company’s strategy of investment-led growth.
[QUOTE] The board of Assura has unanimously recommended the offer, citing it as fair and reasonable
“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,” said Tara Davies, Partner and Co-Head of European Infrastructure at KKR. “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.”
Nikolaus Woloszczuk, Senior Managing Director at Stonepeak, added: “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.”
Shareholder approval process and next steps
The transaction will now be put to a vote of Assura shareholders at a Court Meeting and General Meeting to be convened in the coming weeks.
The acquisition requires the approval of at least 75% of votes cast in each meeting. Subject to customary regulatory approvals and shareholder consent, the acquisition is expected to complete in the third quarter of 2025.
Directors of Assura holding shares have already pledged their support for the deal, providing irrevocable undertakings for approximately 0.1% of the company’s issued share capital.
The proposed acquisition comes at a time of increasing demand for modern, sustainable healthcare infrastructure amid demographic changes and NHS estate pressures
Jonathan Murphy, CEO of Assura, welcomed the offer, stating: “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.”
The consortium intends to leverage its significant infrastructure investment experience and access to long-term capital to support Assura’s management team and sustain its growth ambitions.