UK CMA launches phase 1 investigation of acquisition of Assura by PHP

(Alliance News) - 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 ZAR21.50 in Johannesburg.

Shares in Assura were down 0.9% at 46.84p in London. They were flat at ZAR11.00 in Johannesburg.

By Artwell Dlamini, Alliance News senior reporter South Africa

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