KKR's Proposed Acquisition Of Assura Gets Merger Control Clearance From European Commission

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(RTTNews) - Kohlberg Kravis Roberts & Co. L.P., affiliated to Investment firm KKR & Co. Inc. (KKR), Thursday issued an update regarding its agreement to acquire specialist healthcare property investor and developer Assura plc (ARSSF, AGR.L). The proposed acquisition has now received merger control clearance from the European Commission.

The company added that the only regulatory condition that remains outstanding as of now is in respect of foreign direct investment in Ireland.

Last week, Sana Bidco Ltd., owned by funds advised by KKR as well as Stonepeak Partners LP, reached a takeover agreement with Assura on a sweetened cash offer of around 1.7 billion pounds or $2.29 billion.

The Consortium Offer from Sana Bidco for Assura shareholders will be 50.42 pence per share in cash, plus retaining of dividends totalling 1.68 pence.

The acquisition is intended to be effected by way of a recommended takeover offer .

Sana Bidco is expected to publish and post the Offer Document to Assura Shareholders within 28 days of the date of the Switch to Offer Announcement, or such later date as the Panel may determine in accordance with the Takeover Code.

Bidco will provide an update once all of the Regulatory Conditions have been satisfied or waived, as applicable. The Consortium Offer remains subject to the satisfaction of the remaining conditions.

Regarding financing arrangements, KKR noted that Bidco on Monday entered into an ISDA-based loan agreement with Jefferies International Limited, under which JIL agreed to provide funding up to the maximum principal amount of 125 million pounds.

Assura had earlier rejected the cash and shares bid from Primary Health Properties Plc. (PHP.L).

On the London Stock Exchange, Assura shares were trading at 50.13 pence, down 0.03 percent.