
Britain’s Competition and Markets Authority (CMA) has launched an investigation into Primary Health Properties’ (PHP) $2.4 billion acquisition of rival Assura, a leading healthcare real estate investor. The regulator said it was assessing whether the deal could result in a “substantial lessening of competition” in the UK healthcare property market.
PHP completed the takeover of Assura in August, following a prolonged bidding battle with U.S. private equity firm KKR. The acquisition valued Assura at 53.3 pence per share, comprising 0.3865 new PHP shares, 12.5 pence in cash per share, and a special dividend of 0.84 pence. Both companies have yet to comment on the regulator’s review.
Assura currently manages more than 600 healthcare properties, with the National Health Service among its key clients. The CMA has set October 29 as the deadline for its decision on the initial phase of the inquiry.
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