Primary Health Properties has plans to merge with Medicx Fund to create a healthcare property firm with almost 480 properties worth a combined £2.3 billion ($3 billion).
The all-share merger will see Medicx shareholders received 0.77 new PHP shares for each Medicx share held. This will see PHP shareholders own 69 percent of the combined firm, with the remainder held by Medicx investors.
“The merger represents a major step forward in PHP’s strategy, which significantly extends the scale of our business and asset value,” said Steven Owen, PHP chair. “The highly complementary nature of the two portfolios will allow the combined business to continue to maximize shareholder value through delivering synergies across the businesses and accelerate the enlarged group’s role in the modernization of the primary care estate in the United Kingdom and Ireland.”
On completion of the merger, Helen Mahy, Medicx chair, will become deputy chair of the combined firm. L
