EQT Strikes £9.5 Billion Deal for Intertek, Valuing Shares at £61.077 Including FY25 Dividend

Three rejections couldn’t stop this deal. The fourth offer did. Intertek Group agreed to a recommended cash acquisition by EQT. EQT strikes through newly formed Isotope Bidco on June 18, 2026, in a deal valuing the testing, inspection and certification company at approximately £9.5 billion.

Intertek shareholders will receive £60 in cash per share and retain the FY25 final dividend of 107.7 pence. This bring the total offer value to £61.077 per share. EQT confirmed the agreement on Thursday, ending a deal process that began in April.

EQT agrees $14 billion takeover of Intertek, FT reports https://t.co/BFbcaAY7TI https://t.co/BFbcaAY7TI

— Reuters (@Reuters) June 18, 2026

The Premium Numbers Behind the Final Offer

The offer represents a 59% premium to Intertek’s £37.70 closing price on April 9, before EQT’s initial bid. That premium grows further once the dividend is included.

• The offer represents a 61% premium to Intertek’s one-month volume-weighted average closing price ended April 9.
• It also marks a 38% premium to Intertek’s closing share price of £43.63 on April 13, the last business day before the offer period began.
• Including the retained dividend, the total premium rises to approximately 62% over the pre-approach price.
• Intertek’s bid price stood at 5,770 pence at 09:12 BST before the firm offer, up 1.05% on the day.

Four Bids, Three Rejections, One Final Agreement

The Negotiation Timeline That Led Here

Intertek had previously rejected three earlier EQT proposals on valuation grounds before signaling last month it would recommend a £60-per-share offer if formally tabled. Each rejected bid pushed the price progressively higher.

• EQT’s earlier offers were £51.50, £54, and £58 per share, all rejected on valuation and execution concerns.
• The UK Takeover Panel extended its “put-up-or-shut-up” deadline twice, first to June 11, then to June 18. 
• Morningstar analyst Ben Slupecki estimated the deal values Intertek at roughly 12 times enterprise value to EBITA.
• If completed, this ranks as the UK’s third-largest private equity takeover in history. 

How the Deal Is Being Financed

Banks are preparing debt packages totaling around £5 billion to support the leveraged buyout, structured through a combination of leveraged loans and high-yield bonds. The dual-currency approach, spanning euros and US dollars, is designed to access deeper liquidity pools and optimize pricing.

The bid is also backed by Abu Dhabi sovereign wealth funds ADIA and Mubadala, broadening EQT’s capital base for the transaction. Intertek’s board paused a strategic review that had previously considered splitting its Energy and Infrastructure operations once terms were finalized.

EQT Strikes: What Happens Next for Intertek?

Shareholder meetings are expected to be held by August 6, 2026, with the transaction currently expected to become effective in the fourth quarter of 2026 or first quarter of 2027. Intertek CEO André Lacroix said the deal offers shareholders immediate value through a cash offer with certainty.

EQT partner Matthias Wittkowski said the firm sees opportunities to “accelerate its growth as the industry adapts and is transformed by digitalisation and AI.” Peer testing and certification names including SGS SA (SWX: SGSN) and Bureau Veritas compete directly with Intertek in the global ATIC market EQT is now entering as a private owner. 

Final Thoughts

Wittkowski added that EQT has “admired the business for a long time,”. This cite Intertek’s longstanding customer relationships and science-based service offering. The deal removes another major company from the London Stock Exchange. It continue a trend of UK firms drawing private equity interest over perceived valuation gaps.

Shareholder votes by August 6 will determine whether this becomes one of the largest take-private transactions completed in the UK this year. 

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