Intertek’s board recommends EQT’s £60 per share offer, valuing the UK testing firm at £10.6 billion including debt.
EQT is set to acquire Intertek after the company’s board agreed to recommend a £60 per share cash offer, valuing the London-listed firm at £10.6 billion including debt. The bid represents a 62% premium to Intertek’s April 9 closing price before EQT’s initial proposal.
Intertek had previously rejected three lower offers from EQT, priced at £51.50, £54.00, and £58.00 per share. The £9.2 billion equity valuation reflects growing interest in UK-listed firms amid lower valuations and a weaker pound.
The deal follows recent take-privates of Beazley and Schroders, highlighting a trend of private equity targeting cash-generative UK businesses. Intertek operates in over 100 countries with testing and certification services.