UK regulator clears Assura acquisition by Primary Health Properties

(Alliance News) - The UK Competition & Markets Authority on Wednesday cleared the acquisition of Assura PLC by Primary Health Properties PLC.

The competition and consumer protection regulator said it has decided not to refer the merger to a phase two investigation.

Early last month, the CMA launched an initial "merger inquiry by notice" to the parties and had a deadline of Wednesday 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 provides a more in-depth examination.

The PHP-Assura deal became unconditional on August 12, following a bidding war that pit 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.

Reacting to the CMA decision, PHP Chief Executive Officer Mark Davies said the company is "pleased" that the regulator has concluded that the transaction "gives rise to no competition concerns".

PHP will now focus on the integration of the two companies, Davies said, still expecting the deal to yield cost synergies of at least GBP9 million.

Assura delists from the Johannesburg Stock Exchange on Wednesday, having exited the London Stock Exchange on October 6.

PHP shares were up 1.6% at 95.15 pence in London on Wednesday morning and were up 0.4% at ZAR21.66 in Johannesburg.

By Artwell Dlamini, Alliance News senior reporter South Africa

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