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EQT agrees cash takeover of testing giant Intertek

EQT agrees cash takeover of testing giant Intertek

Money Moves

Swedish buyout firm EQT wins over Intertek's board with a £60-a-share offer after three rejections, pulling a FTSE 100 name off the London market.

June 18th, 2026: EQT agrees recommended final cash offer

Overview

Updated Jun 18

Intertek checks whether the products you buy are safe. Its board just agreed to sell the whole company to a Swedish buyout firm for about £9.5 billion, roughly $14 billion including debt.

EQT had to bid four times to get here. The board rejected £51.50, £54 and £58 a share before accepting £60 in cash plus a kept dividend. The deal pulls one of the world's largest product-safety firms off the public market.

Why it matters

A FTSE 100 firm that certifies the safety of goods worldwide is leaving public markets, the latest UK blue-chip bought cheaply by private capital.

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Key Indicators

$14B
Deal value
Enterprise value of about £10.9 billion, including debt.
59%
Premium
Cash offer versus Intertek's £37.70 close on April 9, before EQT's first approach.
£60.00
Cash per share
Plus a retained 107.7p final dividend, for £61.077 in total value.
3
Rejected bids
Earlier offers of £51.50, £54 and £58 a share were turned down.

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People Involved

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Timeline

April 2026 June 2026

4 events Latest: June 18th, 2026 · 3 months ago
Tap a bar to jump to that date
  1. EQT agrees recommended final cash offer

    Latest Deal

    Intertek's board recommends EQT's £60-a-share cash offer plus a retained dividend. The total values Intertek's equity at about £9.5 billion.

  2. Sides reach preliminary agreement

    Negotiation

    After bids of £54 and £58 are rejected, Intertek opens its books to EQT for due diligence and further talks.

  3. EQT opens with £51.50-a-share bid

    Negotiation

    EQT submits its first proposal. Intertek's board rejects it on valuation grounds.

  4. Intertek shares close at £37.70

    Market

    The last trading day before EQT's approach. This price sets the baseline for the premium that follows.

Scenarios

1

Intertek shareholders approve, deal completes

Likely Resolves by Q1 2027

Discussed by: Reuters, Bloomberg, EQT and Intertek statements

Shareholders back the scheme of arrangement at a vote expected by August, and antitrust and foreign-investment regulators clear the deal. EQT completes the buyout and Intertek leaves the London market. Both companies guide to completion in the fourth quarter of 2026 or first quarter of 2027. The board's recommendation and the 59% premium make rejection by investors hard to justify.

2

Shareholders reject the offer at the vote

Unlikely Resolves by Q3 2026

Discussed by: Investors who pushed for a higher price, Private Equity Wire

Some holders argue £60 still undervalues a global testing franchise with steady cash flow. Because EQT declared the offer final, it cannot raise the price under UK takeover rules. If enough shareholders vote against the scheme, the deal collapses and Intertek stays public. The board's backing and the large premium make this the less likely path, but a concentrated holder bloc could swing the vote.

3

Regulators delay or block the takeover

Possible Resolves by Q1 2027

Discussed by: M&A lawyers tracking UK National Security and Investment Act reviews

Intertek certifies products across regulated sectors, so the deal needs competition and possibly foreign-investment clearances in several countries. A review under the UK's National Security and Investment Act, or an antitrust hold-up, could push completion past the projected window or force conditions. EQT structured the deal expecting clearance, but cross-border testing assets can draw scrutiny.

Historical Context

3 moments from history that rhyme with this story — and how they unfolded.

July 2019–January 2020

Cobham bought by Advent International (2019)

US private equity firm Advent International agreed a £4 billion takeover of British defense and aerospace supplier Cobham. The deal drew a UK government national-security review and opposition from the founding family.

Then

The government cleared the deal after Advent gave legally binding undertakings on UK jobs and security.

Now

It set a template for how sensitive UK takeovers clear regulatory review, later codified in the National Security and Investment Act.

Why this matters now

Intertek's testing work spans regulated sectors, so its sale may face the same foreign-investment scrutiny Cobham did.

August–October 2021

Morrisons bought by CD&R (2021)

US buyout firm Clayton, Dubilier & Rice won a bidding war for the UK supermarket Morrisons against a rival private equity group. The contest went to a rare auction run by the UK Takeover Panel. The final price reached £7 billion.

Then

Morrisons left the London Stock Exchange after more than 50 years as a public company.

Now

The deal became a marker of US and global private capital buying up UK-listed firms at premiums to depressed share prices.

Why this matters now

Like Intertek, Morrisons was a profitable UK company taken private after multiple escalating bids and board resistance over price.

April–October 2024

Darktrace bought by Thoma Bravo (2024)

US software investor Thoma Bravo acquired British cybersecurity firm Darktrace for about $5.3 billion. The board accepted after concluding public markets were undervaluing the company.

Then

Darktrace delisted from London less than three years after its 2021 IPO.

Now

It added to a steady run of UK-listed technology and services firms leaving for private ownership.

Why this matters now

It shows the same logic driving the Intertek deal: UK shares trading cheaply versus US peers, drawing private buyers.

Sources

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