July 01, 2026 | Industrials | Europe | Active
On 18-Jun-26, British product testing company Intertek agreed to be taken private by Swedish private equity firm EQT for £10.9bn, including debt, after months of negotiations. The headline consideration is 6,107.7p per Intertek share, but this includes the target’s 107.7p of FY’25 final dividend, which has already been paid to shareholders (ex-date: 28-May-26, paid: 24-Jun-26). Any subsequent dividends will result in EQT reducing the cash consideration proportionately. Inclusive of the final dividend, the total offer consideration represents 40.0% takeover premium to the Intertek’s undisturbed share price on 15-Apr-26, the last business day before the approach was made public. EQT is joined by Abu Dhabi Investment Authority and Mubadala, sovereign funds of Abu Dhabi (ADIA’s stake is held through its wholly owned subsidiary Luxinva). Per the agreement, the acquiring entity Bidco will be majority owned by EQT (76%), while ADIA and Mubadala will own 16% and 8%, respectively. Morgan Stanley, the lead financial advisor, confirmed the sufficiency of funds available to fund the deal. The deal is structured as a court-sanctioned scheme of arrangement and thus requires shareholder approvals at the Court Meeting (75% in number of shareholders) and General Meeting (75% of votes cast). Intertek directors, consider the offer terms to be “fair and reasonable”, and accordingly, unanimously recommend shareholders to vote in favour of the deal. Directors holding 0.42% of Intertek have offered irrevocable undertakings. A scheme document will be published within 28 days (by 16-Jul-26), and the shareholder meetings will be held ...
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