Primary Health Properties (PHP) and MedicX Fund have agreed an all-share merger between the two primary healthcare centre operators. Under the terms of the deal, MedicX's shareholders will receive 0.77 new PHP shares for every MedicX share held, which means that PHP shareholders will hold 69.4 per cent and MedicX shareholders 30.6 per cent of the enlarged company.
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The combined portfolio will comprise 479 properties with an estimated value of £2.3bn. Cost savings of £4m are expected in the first year, and that does not include any savings on borrowing costs that the larger group will command.
