Key Takeaways:
Swedish private-equity firm EQT agreed to acquire UK testing and inspection company Intertek Group for £9.3 billion ($12.36 billion) in cash, ending months of negotiations that saw three earlier bids rejected.
Accepting shareholders will receive £60 in cash per share and retain the final dividend of 107.70 pence a share, valuing the deal at £9.5 billion including the payout. The cash price represents a 38% premium to Intertek's closing price of £43.63 on April 15, the day before EQT confirmed its approach.
"In EQT I truly believe we have a partner who is as committed as we are to accelerating our growth and enabling Intertek to unleash its full potential for our clients and our people over the years ahead," Chief Executive Andre Lacroix said.
EQT Private Equity's Global Head of Services Matthias Wittkowski said the firm was committed to investing in Intertek, with a particular focus on innovation and targeted M&A to enable further international expansion. The acquisition will be made through EQT X, the firm's flagship buyout fund, which is expected to be 75 percent to 80 percent invested after the deal closes, subject to customary regulatory approvals.
Intertek had rejected three previous proposals before recommending this final offer, with the first bid coming in at £51.50 a share. The company's shares rose 75 pence, or 1.3 percent, to £57.95 in mid-morning European trading Thursday, and are up 25 percent year to date.
The deal underscores a busy period for EQT, which separately announced Thursday its first investment in the space sector with the acquisition of German satellite launch company Exolaunch. The Stockholm-based firm, which managed €270 billion in assets at the end of 2025, has been active across multiple fronts, including the recent closure of a 42 percent stake in water services company Kelda Holdings and the sale of its remaining stake in refrigeration distributor Beijer Ref.
For the testing and inspection sector, the acquisition at a substantial premium signals strong private equity conviction in the industry's growth trajectory. Rivals such as France's Bureau Veritas and Switzerland's SGS may see valuation re-rating as the market reassesses sector multiples. EQT's stated commitment to invest in innovation and pursue further M&A suggests additional consolidation ahead.
The deal is expected to close later this year pending regulatory approvals and shareholder votes.
This article is for informational purposes only and does not constitute investment advice.
