Primary Health Properties proposes combination with Assura plc

Primary Health Properties PLC (PHP) has announced a proposal to combine with Assura plc, offering Assura shareholders 0.3848 new PHP shares and 9.08 pence in cash for each Assura share. This values Assura's entire issued and to be issued ordinary share capital at approximately GBP 1.5 billion. The proposed combination represents a 23.5% premium to Assura's closing share price on February 13, 2025. Upon completion, Assura shareholders would hold approximately 48% of the combined group's issued share capital. PHP believes the combination would create a significant UK REIT, enhance stability through diversified assets, and unlock operational synergies. There is no certainty that an offer will be made. PHP has a deadline of April 7, 2025 to announce its intention to make an offer.