KKR's Italian Acquisition Plans, Assura's Board Recommends Against Sana Bidco's Offer

KKR is considering acquiring Italian health-care tech firm GPI. The firm has also acquired a minority stake in ghSMART and agreed to acquire Aco Hud Nordic AB and assets related to Perrigo's dermatology business for approximately €330 million. KKR has also entered a master sale and purchase agreement with Pontegadea Inversiones to acquire 1111 Brickell for around $280 million.

KKR & Co., a prominent private equity firm, is reportedly considering the acquisition of Italian health-care technology firm GPI SpA. The potential deal comes amidst a period of market volatility and increased private equity activity in Europe. According to sources familiar with the matter, KKR has been in discussions with advisers about taking Trent-based GPI private [1].

GPI provides a range of technological solutions to the health-care sector, including hospital information systems, diagnostic solutions, and care service technologies. The company reported revenues of €510 million in 2024, with earnings before interest, tax, depreciation, and amortization (EBITDA) rising 31% to €105 million. Net profit from continuing operations was €15 million [1].

The investment vehicle backed by GPI Chief Executive Officer Fausto Manzana holds a significant stake in the company, owning 48% of the shares, which is equivalent to 57% of the voting rights [1]. Deliberations are ongoing, but there is no certainty that a transaction will occur. KKR declined to comment on the matter, as did a spokesperson for GPI.

This potential acquisition is part of a broader trend of private equity buyouts in Europe this year, with investment firms taking advantage of a better financing environment and cheaper valuations. KKR has been among the most active dealmakers in the region, recently acquiring Swedish consumer-health company Karo Healthcare and post-trade services provider OSTTRA [1].

In addition to considering GPI, KKR has also made significant investments in other sectors. The firm recently acquired a minority stake in global leadership advisory firm ghSMART [2]. Additionally, KKR entered into a Master Sale and Purchase Agreement to acquire Aco Hud Nordic AB and assets related to Perrigo's dermatology business for approximately €330 million [3]. The expected completion of this transaction is in the first quarter of 2026.

References:
[1] https://www.bloomberg.com/news/articles/2025-07-16/kkr-said-to-mull-acquisition-of-health-care-technology-firm-gpi
[2] https://www.bakersfield.com/ap/news/leadership-advisory-firm-ghsmart-announces-significant-minority-investment-from-kkr/article_1a9d6505-1da3-5fe7-8382-22ffef0f4c5c.html
[3] https://www.marketscreener.com/quote/stock/KKR-CO-INC-44486777/news/KKR-Co-Inc-entered-into-a-Master-Sale-and-Purchase-Agreement-to-acquire-Aco-Hud-Nordic-AB-and-As-50504747/