Intertek agrees EQT take-private deal valued at $14 billion
After months of rejected approaches and rising investor pressure, Intertek agrees to a take-private deal with Sweden's EQT valued at about £10.6 billion, including debt. The proposed offer of £60 per share values the British testing company's equity at £9.4 billion and places the transaction among the largest private equity buyouts in the UK.
Highlights
- Intertek agreed to a take-private deal with EQT valued at £10.6 billion ($14.10 billion) including debt, after rejecting three prior offers.
- EQT's proposed £60-per-share offer values Intertek's equity at £9.4 billion, reflecting significant shareholder pressure on management to accept the deal.
- The acquisition would be Britain's third-largest private equity takeover, highlighting persistent private equity interest in undervalued UK-listed firms.
Takeover terms and deal background
As reported by Reuters, the agreement follows a prolonged pursuit in which EQT made four offers for Intertek, with the first three rejected over valuation concerns. The person familiar with the matter says Intertek ultimately warmed to the fund's final proposal as investor pressure to secure a deal mounted.The transaction values Intertek at about £10.6 billion, or $14.10 billion, including debt. On an equity basis, the proposed £60-per-share offer values the company at £9.4 billion.
UK private equity ranking and market impact
The proposed acquisition would rank as Britain's third-largest private equity takeover, according to data compiled by LSEG. Only the buyouts of airport operator BAA in 2006 and pharmacy chain Alliance Boots in 2007 are larger.Intertek and EQT do not immediately respond to Reuters requests for comment. The deal also underscores continued private equity interest in listed UK companies, where valuation disputes can give way to board support when shareholder pressure intensifies.
Our earlier article on HMRC’s tougher scrutiny of founder sale-linked payments explained that UK tax authorities are increasingly reviewing whether earnouts and other deferred or role-linked consideration should be treated as employment income rather than capital gains. We noted that a reclassification can significantly raise founders’ tax bills and that expanded enforcement resources increase compliance risk for entrepreneurs and advisers during deal structuring.
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