Deutsche Numis isdelighted to be acting as joint lead financial adviser to Primary Health Properties on itssuccessful recommended shares and cash offer for Assura
Deutsche Numis is delighted to be acting as joint lead financial adviser and joint corporate broker to Primary Health Properties plc (PHP).
PHP's offer has been declared unconditional, with 62.9% of Assura plc (Assura) shareholders accepting its offer, more than the 50% acceptance condition
The offer will remain open for acceptance to allow additional Assura shareholders to tender their shares to enable PHP to acquire 100% of Assura.
PHP was successful against a competing all-cash offer from a consortium.
PHP is a leading UK REIT, which specialises in investing in modern primary healthcare premises let on long-term leases, with a portfolio of over 500 assets across the UK and Ireland.
Like PHP, Assura also specialises in the development, investment and ownership of primary care centres, hospitals and other specialist healthcare properties in the UK and Ireland, with a portfolio of more than 600 healthcare buildings.
The combined group will be in the upper echelons of the FTSE 250 with a £6 billion portfolio of long-leased, sustainable infrastructure assets, principally let to government tenants and leading UK healthcare providers.
This is a rare example of a UK mid-cap corporate making a successful, primarily shares-based, offer in competition with a cash offer.
Deutsche Numis’ shareholder connectivity was effectively leveraged, with numerous public statements of support from Assura’s long-only shareholders.
PHP launched the largest unrecommended firm offer in the UK since 2019, with the Assura Board switching its recommendation to PHP after a small price increase and significant lobbying from Assura shareholders.
Between the leak of Assura’s possible offer from the consortium and the announcement of PHP’s recommended offer for Assura, PHP’s share price rose by 15%. Before recommendation, PHP’s offer was at a consistent premium to the consortium, which compelled the Assura Board to engage with PHP.
The PHP deal team delivered authoritative broking of the PHP equity story to PHP and Assura shareholders throughout the transaction.
The successful outcome is a clear demonstration of how Deutsche Numis is able to draw on its extensive M&A advisory and corporate broking expertise to help deliver for a longstanding client.
The success of this transaction was thanks to the unwavering support of a wide cross-section of investors from the outset. They shunned the competing cash offer as the case for the strategic and financial logic of the combination was clearly demonstrated by PHP management and its advisers. This was also a vote in favour of larger cap stocks through consolidation in the REIT sector. Heraclis Economides, Managing Director, Deutsche Numis.
Deutsche Numis is thrilled to have played a leading M&A advisory and broking role in delivering this landmark and complex transaction in competition with a rival offer. The deal team leveraged Deutsche Numis' Real Estate and M&A expertise, as well as the deep shareholder connectivity of the Broking franchise, to achieve a transformational outcome for PHP, a long-standing client of more than 20 years. Stuart Ord, Co-Head of M&A, Deutsche Numis.
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Deutsche Numis is delighted to be acting as joint lead financial adviser and joint corporate broker to Primary Health Properties plc (PHP).
PHP's offer has been declared unconditional, with 62.9% of Assura plc (Assura) shareholders accepting its offer, more than the 50% acceptance condition
The offer will remain open for acceptance to allow additional Assura shareholders to tender their shares to enable PHP to acquire 100% of Assura.
PHP was successful against a competing all-cash offer from a consortium.
PHP is a leading UK REIT, which specialises in investing in modern primary healthcare premises let on long-term leases, with a portfolio of over 500 assets across the UK and Ireland.
Like PHP, Assura also specialises in the development, investment and ownership of primary care centres, hospitals and other specialist healthcare properties in the UK and Ireland, with a portfolio of more than 600 healthcare buildings.
The combined group will be in the upper echelons of the FTSE 250 with a £6 billion portfolio of long-leased, sustainable infrastructure assets, principally let to government tenants and leading UK healthcare providers.
This is a rare example of a UK mid-cap corporate making a successful, primarily shares-based, offer in competition with a cash offer.
Deutsche Numis’ shareholder connectivity was effectively leveraged, with numerous public statements of support from Assura’s long-only shareholders.
PHP launched the largest unrecommended firm offer in the UK since 2019, with the Assura Board switching its recommendation to PHP after a small price increase and significant lobbying from Assura shareholders.
Between the leak of Assura’s possible offer from the consortium and the announcement of PHP’s recommended offer for Assura, PHP’s share price rose by 15%. Before recommendation, PHP’s offer was at a consistent premium to the consortium, which compelled the Assura Board to engage with PHP.
The PHP deal team delivered authoritative broking of the PHP equity story to PHP and Assura shareholders throughout the transaction.
The successful outcome is a clear demonstration of how Deutsche Numis is able to draw on its extensive M&A advisory and corporate broking expertise to help deliver for a longstanding client.