In a fiery competitor showdown, PHP triumphs over KKR in their bid for control of Assura, the prominent National Health Service (NHS) landlord.

In a fiery competitor showdown, PHP triumphs over KKR in their bid for control of Assura, the prominent National Health Service (NHS) landlord.

In a significant development, the takeover of Assura, a leading GP surgery owner, by Primary Health Properties (PHP) has moved forward, with key milestones cleared and the deal becoming unconditional. As of August 21, 2025, PHP has secured acceptances exceeding 81% of Assura's shares, making the revised £2.4 billion takeover offer official [1][4].

The deal, however, faced potential hurdles, including a bidding war with KKR, a US-based private equity firm, which presented a competing offer that Assura's board ultimately rejected in favour of PHP’s higher bid [3]. The competition watchdog has stepped up its probe into the PHP-Assura tie-up, but the investigation's status is not explicitly detailed in the recent updates [6].

The board has consistently supported PHP’s offer despite KKR’s attempts to persuade shareholders and the board to back its rival proposal. Another aspect is market and credit rating risks: Fitch downgraded Assura’s rating to BBB+ with a negative outlook shortly after the offer became unconditional, reflecting some caution around the financial impact of the merger and the combined entity’s profile [5].

Over 63% of Assura's shareholders voted in favour of the merger, and the deal will soon lead to Assura delisting from the stock market [2]. Assura owns surgeries, hospitals, and hospices, making this merger a significant move in the healthcare sector.

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Despite these challenges, the completion of the acquisition appears on track, with the main challenges confronted being the rival bid by KKR and potential financial risks highlighted by Fitch, but as of now, the deal seems to be progressing smoothly [1][4][5].

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