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EQT is close to securing its purchase of London-based product testing company Intertek at a £10.6 billion ($14.3 billion) valuation, including debt, after the board hinted it could approve the sweetened offer—adding to a fresh wave of UK take-privates
The board of Intertek said in a statement on Wednesday that it would be “minded to recommend” shareholders accept EQT‘s final bid, which offers £60 per share in cash, at a £9.2 billion equity valuation.
Including dividends, the sweetened bid represents a premium of up to 62% to the closing share price on April 9 before EQT’s first proposal.
Intertek has previously rejected three proposals from EQT, each offering £51.50, £54.00 and £58.00 per share in cash.
Based in London, Intertek provides assurance, testing, inspection and certification services in more than 1,000 locations in 100 countries, according to its website.
This is the latest in a string of take-privates in the UK.
In April, the shareholders of London-listed specialty insurer Beazley approved a £8.1 billion all-cash takeover by Zurich Insurance.
Shareholders of Schroders also approved a £9.9 billion acquisition by US rival Nuveen in the same month.
Buyers are increasingly targeting UK-listed, cash-generative businesses amid relatively low valuations and a weaker pound.
Intertek has agreed with the Panel on Takeovers and Mergers to extend the deadline for EQT to make a formalized offer to June 11.
If the deal goes through, it will be the second-largest PE deal in Europe in the past 18 months, according to PitchBook data.
Megadeals accounted for 37.7% of total deal value in Q1 2026, the highest share since Q2 2022, according to PitchBook’s Q1 2026 European PE Breakdown. However, these deals were almost certainly in motion before the war in Iran changed the political landscape.
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This article originally appeared on PitchBook News
Disclaimer : This story is auto aggregated by a computer programme and has not been created or edited by DOWNTHENEWS. Publisher: finance.yahoo.com
