It's time to get rid of the Rich List

Spectator

21-05-2025

Here's a takeover tale that captures the zeitgeist. It involves two FTSE 250 companies and some deep-pocketed US investors – and I'll explain it as simply as I can. In essence, how would you feel if your GP surgery fell into the hands of American investors associated with the book title Barbarians at the Gate?
The first of the two London-listed companies is Assura, which owns 600 NHS surgeries and diagnostic facilities and has accepted a cash offer of £1.6 billion from a pair of New York investment giants. They are Stone-peak, which holds a huge global portfolio of infrastructure assets, and Kohlberg Kravis Roberts, whose initials KKR may be familiar to older readers as a pioneer of aggressive private–equity dealmaking – most famously the 1989 buyout (chronicled by Bryan Burrough and John Helyar in the Barbarians bestseller) of the food and tobacco group RJR Nabisco. Imbued with Trumpist swagger, investors like these habitually prowl the London market for undervalued targets.
The second company, Primary Health Properties, is the only other significant player in Assura's marketplace, as the owner of 516 GP facilities in the UK and Ireland – and has cut in to offer £1.7 billion for Assura in cash and shares. KKR claims PHP's deal will hit competition issues, though the merged company would hold a relatively small proportion of the NHS surgery estate, most of which is owned by the GPs themselves.
In an era in which public markets are shrinking and private equity is rampant, largely to the detriment of smaller investors, this is a rare example of a listed company challenging the Goliath of KKR and its ilk.