Property and GP surgeries owner Assura has agreed to be taken over by a US private equity giant in a deal worth £1.61 billion, after becoming the target of a bidding war.
The London-listed company will be bought by Kohlberg Kravis Roberts (KKR) and Stonepeak Partners.
The investment groups offered 49.4p per Assura share, having increased a number of previous bids to buy the business.
Assura owns more than 600 buildings, including doctors’ surgeries, with a portfolio valued at more than £3.1 billion. It has just 79 members of staff.
The firm said it had rejected a different takeover approach worth £1.5 billion from real estate investment group Primary Health Properties (PHP).
The proposal was “not at a level that is sufficient to be recommended to shareholders”, it said.
Assura chief executive Jonathan Murphy said the agreed takeover “enables the company to accelerate its growth via additional investment in critical healthcare infrastructure in the UK and Ireland”.
KKR and Stonepeak plan to invest in Assura and grow the company, bringing “deep pockets and an understanding of UK infrastructure and real estate”, bosses said.
KKR has shot into the spotlight recently, having been picked as a preferred bidder by troubled utility giant Thames Water.
England’s biggest water firm is looking to secure a buyer to help stabilise its finances,.
Last month, it said it had chosen KKR to go through a second phase of the process to secure equity investment, having received six approaches from firms.
