UK CMA launches phase 1 investigation of acquisition of Assura by PHP
UK Competition & Markets Authority on Wednesday said it is considering whether the acquisition by Primary Health Properties PLC of Manchester-based peer Assura PLC will harm competition in the UK.
The PHP-Assura deal became unconditional on August 12, following a bidding war by PHP against US private equity firm Kohlberg Kravis Robert & Co Inc. The KKR-led consortium abandoned its takeover offer for Assura on the same day.
The CMA said it has launched its ‘merger inquiry by notice’ to the parties on Wednesday and has a deadline of October 29 for its phase one decision.
At phase one, the CMA determines whether it believes that the merger results in a realistic prospect of a substantial lessening of competition in the UK. A phase two probe would be more in-depth.
As at August 28, PHP owned 92.02% stake in Assura.
Early in July, CMA had said it was considering whether to investigate the PHP-Assura transaction.
The CMA early last month said it had served an initial enforcement order on PHP’s offer for Assura. The CMA’s initial enforcement order followed a comment period held between July 4 and 18.
PHP shares were up 0.1% at 89.70 pence in London on Wednesday morning, but they were down 0.3% at R 21.50 in Johannesburg.
Shares in Assura were down 0.9% at 46.84p in London. They were flat at R 11.00 in Johannesburg.
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