LONDON: Kohlberg Kravis Roberts & Co (KKR) has reached agreement on the terms of a recommended cash offer for the entire issued and to be issued ordinary share capital of Assura Plc for 49.4 pence in cash per share. The Assura Directors, who have been so advised by Lazard as to the financial terms of the Acquisition, consider the terms of the Acquisition to be fair and reasonable.
The offer – by Sana Bidco wholly owned subsidiary of KKR and Stonepeak Partners – values the entire issued and to be issued ordinary share capital of Assura at approximately £1.608 million on a fully diluted basis.
Assura is a market leading investor and developer of specialist healthcare infrastructure assets in the UK and Ireland.
Against the backdrop of shifting demographic and structural trends, KKR and Stonepeak believe that Assura has a crucial and growing role to play in the provision of critical healthcare infrastructure in the UK and Ireland over the long term.
KKR and Stonepeak further believe that Assura has a highly attractive portfolio of assets and a management team with significant industry knowledge and experience, which meet the objectives of KKR’s and Stonepeak’s respective infrastructure investment strategies.
KKR and Stonepeak recognise that Assura has a capital-intensive strategy and believe that private ownership can better access this significant opportunity by allowing Assura to make sustained capital investments without the need for asset sales
KKR and Stonepeak intend to support the Assura management team and its strategy of asset development, enhancement and acquisition in the specialist healthcare infrastructure space as well as its sustainability and social objectives. KKR’s and Stonepeak’s extensive access to long term capital and their global network and expertise will enable the Assura team to accelerate its investment strategy and grow Assura’s asset base under private ownership.