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Investing.com -- The U.K.’s Competition and Markets Authority (CMA) has launched a Phase 1 investigation into Primary Health Properties Plc’s £1.8 billion acquisition of Assura Plc, the regulator said on Wednesday.
The inquiry will assess whether the deal could substantially lessen competition in any market in the United Kingdom.
The initial review period begins on September 4 and runs until October 29, the CMA said.
By the end of this period, the authority will decide whether to refer to the merger for a more detailed Phase 2 investigation. The CMA did not provide additional information on potential competition concerns.
The acquisition became unconditional in August 2025 after a protracted takeover battle. Assura’s board had initially recommended a £1.7 billion cash offer from U.S.-based private equity firms KKR and Stonepeak Partners.
However, following shareholder feedback, the board shifted its recommendation to PHP’s £1.8 billion offer, which combined cash and shares while maintaining Assura’s listing on the London Stock Exchange.
Major institutional investors, including Schroders, Baillie Gifford, and Aberdeen, supported the PHP bid for its long-term sector exposure and the stability provided by government-backed healthcare assets.
Assura, headquartered in Altrincham, Greater Manchester, operates over 600 healthcare properties across the U.K., including general practitioner and primary healthcare facilities.
PHP, based in London, manages a portfolio of more than 500 similar properties in the U.K. and Ireland.
The merger is intended to create a larger healthcare-focused real estate investment trust, leveraging government plans for long-term investment in the National Health Service.
Prior to completing the deal, the CMA issued an initial enforcement order in early August 2025, temporarily halting integration activities while the regulatory review is conducted.
As of late August, PHP held a 92.02% stake in Assura, reflecting the near-finalization of the acquisition.