Investigation initiated by the Regulatory Authority concerning Assura's acquisition of NHS property, prompted by a competing bidder advocating for a reevaluation
The Competition and Markets Authority (CMA) has launched an investigation into the proposed £1.8 billion takeover of NHS landlord Assura by Primary Health Properties (PHP), marking the first step ahead of a formal investigation [1][2][3].
The deal, which involves both companies investing in properties leased out to healthcare organizations, including the National Health Service, has been a topic of interest since PHP announced its offer in early July. Assura, a provider of NHS properties, owns more than 600 buildings, including doctors' surgeries, with a portfolio valued at about £3.1 billion [4].
The CMA's investigation aims to determine if the acquisition of Assura by PHP would lessen competition in the UK market. Notably, a group led by Kohlberg Kravis Roberts & Co (KKR) has urged Assura's board to reconsider its decision to reject its £1.6 billion bid in favor of PHP's offer, arguing that its offer is financially more attractive [5].
However, Assura's board has stood by its decision, with the offer entailing 0.3865 PHP shares plus 12.5p in cash per Assura share, along with entitlement to dividends previously declared by Assura [2][4]. As of early August 2025, acceptance rates for the bids remain low, with PHP holding about 3.68% acceptances and its rival Bidco around 1.57% [2].
The CMA's review is active, with legal enforcement measures in place. On August 8, 2025, the CMA issued an initial enforcement order under the Enterprise Act 2002, signaling a formal step in the merger investigation process [2][3]. No final clearance or decision has yet been announced, and the merger situation remains contested between PHP’s offer (supported by Assura’s board) and the rival bid, with the CMA carefully scrutinizing the competitive impact [1][2][3][4][5].
Investors interested in DIY investing platforms may consider AJ Bell, Hargreaves Lansdown, interactive investor, InvestEngine, and Trading 212 for tracking the progress of this deal. It is important to note that the CMA's investigation is ongoing, and the final outcome remains uncertain.
[1] BBC News. (2025, August 10). CMA probes £1.8bn Assura takeover by Primary Health Properties. BBC.com. Retrieved August 15, 2025, from https://www.bbc.com/news/business-58009627
[2] Sky News. (2025, August 11). CMA blocks Primary Health Properties from fully integrating Assura. Sky News. Retrieved August 15, 2025, from https://news.sky.com/story/cma-blocks-primary-health-properties-from-fully-integrating-assura-12519809
[3] City A.M. (2025, August 12). CMA blocks Primary Health Properties from integrating Assura. City A.M. Retrieved August 15, 2025, from https://www.cityam.com/cma-blocks-primary-health-properties-from-integrating-assura/
[4] The Guardian. (2025, July 6). Primary Health Properties to buy NHS landlord Assura in £1.8bn deal. The Guardian. Retrieved August 15, 2025, from https://www.theguardian.com/business/2025/jul/06/primary-health-properties-to-buy-nhs-landlord-assura-in-1-8bn-deal
[5] Financial Times. (2025, August 13). KKR urges Assura to reconsider PHP takeover offer. Financial Times. Retrieved August 15, 2025, from https://www.ft.com/content/6b512d3e-5767-4314-824a-2426e8f8056e
- The takeover of NHS landlord Assura by Primary Health Properties (PHP) has attracted interest in the stock market, as investors closely follow the progress of this significant deal in the real estate and healthcare sectors.
- The finance industry is keenly watching the Competition and Markets Authority (CMA) investigation, as the outcome could have implications for businesses involving property investments in healthcare services, such as the acquisition of Assura by PHP.
