EQT strikes $14.5bn Intertek deal

September 2026 | DEALFRONT | PRIVATE EQUITY & VENTURE CAPITAL

Financier Worldwide Magazine

September 2026 Issue

Following months of negotiations, British product testing and certification company Intertek has agreed to be acquired by Swedish private equity group EQT in a deal valued at approximately £10.9bn ($14.5bn), including debt. Shareholders will receive total consideration of £61.077 per share, including a £60 cash payment and dividend.

The cash-and-dividend offer represents a 40 percent premium to Intertek’s closing share price on 15 April. EQT made four offers since mid-April, with the first three rejected on valuation grounds. Intertek ultimately agreed to the transaction following shareholder pressure and scrutiny of plans to explore a separation of the business.

Several prominent investors, including Palliser Capital, PrimeStone Capital and Lost Coast Collective, encouraged Intertek to engage with EQT. The parties subsequently reached a preliminary agreement in May. Abu Dhabi Investment Authority and Mubadala are backing the acquisition through minority investments in the consortium.

Reports indicate that Abu Dhabi Investment Authority is contributing approximately £1bn while Mubadala is investing around £500m. The acquisition is expected to be completed through Isotope Bidco, the vehicle established to acquire Intertek. Under the proposed ownership structure, EQT will hold approximately 76 percent, while Luxinva and Mubadala will own about 16 percent and 8 percent respectively. The deal remains subject to approval processes.

“We are delighted to have reached an agreement to acquire Intertek,” said Matthias Wittkowski, global head of services at EQT. “EQT has admired the business for a long time as it is a global leader in the ATIC market with longstanding customer relationships across sectors, an industry-leading team and a science-based service offering underpinned by remarkable technical expertise. As a growth-oriented investor, EQT is committed to investing in Intertek, with a particular focus on innovation and targeted M&A to enable further international expansion and innovation.

“We will be a supportive partner as we work with Intertek’s exceptionally talented global team to identify ways to accelerate its growth as the industry adapts and is transformed by digitalisation and AI. We are proud to be trusted as stewards of this impressive global business that André and Intertek’s colleagues have built,” he added.

“Over the past decade, Intertek has become a true world leader in the Quality Assurance industry, implementing our AAA growth strategy over the last three years to deliver a strong operational and financial performance, delivering market leading operating profit margin and margin progression,” said André Lacroix, chief executive of Intertek. “We have a differentiated, high-quality portfolio with leading scale positions in attractive industries, poised for strong growth going forward.

“I would like to thank and recognise my passionate colleagues for their dedication and commitment to delivering a superior service for our clients and earning their trust, every day,” he continued. “In EQT I truly believe we have a partner who is as committed as we are to accelerating our growth and enabling Intertek to unleash its full potential for our clients and our people over the years ahead.”

Mr Lacroix added that the offer provided Intertek shareholders with immediate cash certainty and expressed confidence that the company would continue to prosper as a private business, building on its strong track record, science-led customer proposition and long-term growth prospects while delivering sustainable value for employees, customers and other stakeholders.

The transaction is the latest in a growing series of major take-private deals involving UK-listed companies and is expected to rank as the third-largest take-private transaction ever completed in the UK, behind the acquisitions of BAA in 2006 and Alliance Boots in 2007.

The deal highlights sustained investor appetite for high-quality UK-listed assets, while positioning Intertek for accelerated expansion, innovation and long-term growth under private ownership.

Richard Summerfield