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Highlights

  • Assura shareholders to receive 49.4 pence per share under all-cash offer

  • Offer represents a 32% premium to Assura’s last closing price before offer period began

  • Transaction backed by Assura Board and aligned with long-term healthcare infrastructure growth

Assura plc (LSE:AGR), a prominent healthcare infrastructure investor and developer in the UK and Ireland, has agreed to a recommended cash acquisition by Sana Bidco Limited, in a deal that values the company at approximately £1.61 billion on a fully diluted basis.

Under the terms of the deal, each Assura shareholder will receive 49.4 pence per share, which includes 48.56 pence in cash from Bidco and the 0.84 pence interim dividend declared on 18 February 2025, scheduled for payment on 9 April 2025.

The Offer Value represents a full match to Assura’s EPRA Net Tangible Assets (NTA) per share as of 30 September 2024 and offers a substantial premium over recent trading prices:

  • 31.9% above the closing price of 37.4 pence on 13 February 2025 (the last business day before the offer period began),

  • 33.9% above the one-month volume-weighted average price (VWAP),

  • 30.6% above the three-month VWAP.

The acquisition will proceed via a scheme of arrangement under Part 26 of the Companies Act and is subject to customary conditions and approvals. The board of Assura has unanimously recommended the offer to shareholders, describing it as fair and in the best interests of both the company and its investors.

Assura’s new backers, KKR and Stonepeak, through Bidco, cited the company’s vital role in delivering specialist healthcare real estate as a central reason for the acquisition. In a joint statement, they highlighted the value of Assura’s asset portfolio and its experienced management team, stating that the business aligns well with their long-term infrastructure investment strategies.

The investors noted that as healthcare demands continue to rise due to demographic changes and system pressures, there is an increasing need for purpose-built, community-based medical facilities.

KKR and Stonepeak also pointed out that private ownership will enable Assura to pursue its capital-intensive growth strategy more effectively, freeing it from the short-term constraints often associated with public markets. They believe this will allow Assura to continue investing heavily in essential healthcare infrastructure without the need to sell existing assets.