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EQT agrees to take QIAGEN private in all-cash takeover offer

EQT agrees to take QIAGEN private in all-cash takeover offer

Money Moves

Swedish buyout firm offers €46.50 per share, a 40.3% premium over the pre-speculation price

Yesterday: QIAGEN and EQT agree on takeover offer

Overview

Updated 1 hour ago

Swedish buyout firm EQT Private Equity agreed to buy Dutch molecular diagnostics company QIAGEN for €46.50 per share in cash. The offer is a 40.3% premium to QIAGEN's share price before takeover reports surfaced in July, and values the company at about €10.8 billion including roughly $1.1 billion in net debt.

The deal ends years of takeover speculation and moves one of Europe's largest diagnostics firms into private hands. Closing is expected in mid-2027, pending shareholders holding over half the shares tendering and regulatory clearances.

Why it matters

If the deal closes, QIAGEN's shares leave the Frankfurt and New York exchanges, and a major European diagnostics company passes into private equity control.

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Key Indicators

€46.50
Offer price per share
All-cash offer for every outstanding QIAGEN share.
40.3%
Premium to unaffected price
Above the €33.15 XETRA closing price on July 8, 2026.
$12.1B
Enterprise value including debt
About €10.8 billion at announcement exchange rates, including ~$1.1 billion net debt.
50% + 1 share
Minimum acceptance threshold
Shareholders holding over half the outstanding shares must tender for the deal to close.

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People Involved

Organizations Involved

Timeline

October 2019 October 2026

4 events Latest: Yesterday
Tap a bar to jump to that date
  1. QIAGEN and EQT agree on takeover offer

    Latest Deal announcement

    EQT offers €46.50 per share in cash, a 40.3% premium. Closing expected mid-2027; QIAGEN suspends its 2026 outlook.

  2. QIAGEN closes before private equity reports

    Market

    Shares close at €33.15 on XETRA, the reference price for the eventual offer premium.

  3. Thermo Fisher abandons QIAGEN bid

    Deal collapse

    Thermo Fisher's $11.5 billion offer failed to secure enough shareholder support.

  4. QIAGEN CEO Peer Schatz departs

    Leadership change

    Announcement of the CEO's departure made QIAGEN a takeover target.

Scenarios

1

Deal closes, QIAGEN delists from Frankfurt and New York

Likely Resolves by Q2 2027

Discussed by: QIAGEN's supervisory and managing boards, which voted unanimously to recommend the offer

Shareholders tender more than half the outstanding shares, regulators clear the deal, and the takeover completes around mid-2027. Post-closing measures give EQT full ownership and end QIAGEN's exchange listings.

2

Takeover collapses like Thermo Fisher's 2020 bid

Possible Resolves by Q1 2027

Discussed by: Reuters Breakingviews, which called the lab-testing buyout a 'murky result for both sides'

EQT fails to secure the 50% minimum acceptance threshold, or merger control and foreign investment regulators block the deal. Thermo Fisher's $11.5 billion bid for QIAGEN collapsed in 2020 on shareholder opposition.

3

Closing delayed, interim dividend paid

Possible Resolves by Q3 2027

Discussed by: Terms of the Business Combination Agreement

Regulatory approvals remain pending past the 10-month mark from the announcement, triggering an interim dividend of up to $0.47 per share. The deal closes later than mid-2027.

Historical Context

2 moments from history that rhyme with this story — and how they unfolded.

2020

Thermo Fisher's abandoned QIAGEN bid (2020)

Thermo Fisher Scientific agreed to buy QIAGEN for about $11.5 billion, after QIAGEN's CEO left in late 2019. The deal came as QIAGEN's share price had fallen to multi-year lows.

Then

Thermo Fisher abandoned the takeover after failing to secure enough shareholder support.

Now

QIAGEN stayed public, then saw demand surge for its COVID-19 testing products, which led some investors to view the 2020 offer as too low.

Why this matters now

The failed 2020 bid shows shareholder sentiment can sink a deal for QIAGEN, a risk EQT's current offer must overcome.

2020-2021

QIAGEN's COVID testing boom (2020-2021)

Demand for QIAGEN's coronavirus testing products surged during the pandemic, boosting the company's revenue and share price from multi-year lows.

Then

QIAGEN's financial performance strengthened sharply and its stock recovered.

Now

The pandemic reset QIAGEN's valuation and drew renewed private equity interest in molecular testing companies.

Why this matters now

The COVID-era surge explains why QIAGEN became a target again and why EQT is paying a premium within a wave of private equity deals in diagnostics.

Sources

(6)