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Overview
Intertek checks whether the products you buy are safe. Its board just agreed to sell the whole company to a Swedish buyout firm for about £9.5 billion, roughly $14 billion including debt.
EQT had to bid four times to get here. The board rejected £51.50, £54 and £58 a share before accepting £60 in cash plus a kept dividend. The deal pulls one of the world's largest product-safety firms off the public market.
Why it matters
A FTSE 100 firm that certifies the safety of goods worldwide is leaving public markets, the latest UK blue-chip bought cheaply by private capital.
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People Involved
Organizations Involved
London-listed firm that tests, inspects and certifies products for safety and quality across global supply chains.
Stockholm-based buyout firm bidding for Intertek through Isotope Bidco, backed by Abu Dhabi sovereign funds ADIA and Mubadala.
Timeline
April 2026 June 2026
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EQT agrees recommended final cash offer
Latest DealIntertek's board recommends EQT's £60-a-share cash offer plus a retained dividend. The total values Intertek's equity at about £9.5 billion.
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Sides reach preliminary agreement
NegotiationAfter bids of £54 and £58 are rejected, Intertek opens its books to EQT for due diligence and further talks.
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EQT opens with £51.50-a-share bid
NegotiationEQT submits its first proposal. Intertek's board rejects it on valuation grounds.
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Intertek shares close at £37.70
MarketThe last trading day before EQT's approach. This price sets the baseline for the premium that follows.
Historical Context
3 moments from history that rhyme with this story — and how they unfolded.
Morrisons bought by CD&R (2021)
US buyout firm Clayton, Dubilier & Rice won a bidding war for the UK supermarket Morrisons against a rival private equity group. The contest went to a rare auction run by the UK Takeover Panel. The final price reached £7 billion.
Morrisons left the London Stock Exchange after more than 50 years as a public company.
The deal became a marker of US and global private capital buying up UK-listed firms at premiums to depressed share prices.
Like Intertek, Morrisons was a profitable UK company taken private after multiple escalating bids and board resistance over price.
Cobham bought by Advent International (2019)
US private equity firm Advent International agreed a £4 billion takeover of British defense and aerospace supplier Cobham. The deal drew a UK government national-security review and opposition from the founding family.
The government cleared the deal after Advent gave legally binding undertakings on UK jobs and security.
It set a template for how sensitive UK takeovers clear regulatory review, later codified in the National Security and Investment Act.
Intertek's testing work spans regulated sectors, so its sale may face the same foreign-investment scrutiny Cobham did.
Darktrace bought by Thoma Bravo (2024)
US software investor Thoma Bravo acquired British cybersecurity firm Darktrace for about $5.3 billion. The board accepted after concluding public markets were undervaluing the company.
Darktrace delisted from London less than three years after its 2021 IPO.
It added to a steady run of UK-listed technology and services firms leaving for private ownership.
It shows the same logic driving the Intertek deal: UK shares trading cheaply versus US peers, drawing private buyers.
