Intertek backs £10.6bn takeover by Swedish investment firm EQT
Intertek, a major FTSE 100 laboratory testing and inspection company, has agreed to recommend a £10.6 billion takeover bid by Swedish private equity firm EQT. The company's board has announced it is "minded to recommend" the offer of £60 per share, representing a significant transaction in the UK's stock market.
EQT, owned by the billionaire Wallenberg family, has emerged as an active investor in major European companies and infrastructure. The acquisition would represent one of several high-profile takeovers of FTSE 100 businesses in recent months, reflecting broader trends of private equity interest in established British corporations.
Intertek provides critical laboratory testing, inspection, and certification services across multiple industries, from manufacturing to pharmaceuticals. The company has established itself as an essential service provider with global operations. EQT's acquisition suggests confidence in the business model and growth potential despite current market uncertainties.
The takeover values Intertek at a premium, reflecting EQT's assessment of the company's assets and future cash generation potential. Private equity acquisitions of this scale often involve restructuring plans aimed at improving operational efficiency and profitability.
The transaction is expected to close following customary regulatory approvals and shareholder votes. The acquisition contributes to an ongoing trend of private equity consolidation of UK-listed companies, raising questions about the composition and ownership structures of British blue-chip businesses.