WEALTH June 21, 2026 0 Comments

City’s £11bn Intertek Deal: The Game-Changer No One Saw Coming—Get Ready for the Ripple Effect!

Ever wonder what it feels like to be the hottest catch on the London market? Well, Intertek just proved that playing hard to get can pay off big time — after turning down three separate offers, they finally shook hands with Sweden’s EQT for a jaw-dropping £10.7bn deal. It’s like watching a slow dance where the private equity suitor just wouldn’t quit, swooping in with a 40% premium that even the most stubborn shareholders couldn’t resist. Now, this isn’t just another buyout; it’s Britain’s third-largest private equity takeover in history — a stark sign that the game’s changing fast, and London’s giants are on the move. And if you think Intertek’s exit is an isolated case, think again. With weighty players like William Hill and DCC circling the takeover frenzy, it’s starting to feel less like a market and more like a high-stakes game of corporate musical chairs. The question I keep asking myself is, how long before the next London heavyweight steps off the stage? LEARN MORE

FTSE 100 company Intertek has agreed to be taken over by Sweden’s EQT in a £10.7bn deal, becoming the latest London-listed heavyweight to head for the exit, writes Angharad Carrick.

It ends the private equity outfit’s months-long pursuit, during which it made four offers for the lab-testing firm.

The two yesterday confirmed a £60-a-share deal, valuing Intertek at £9.3bn, with an implied value of approximately £10.7bn, including debt.

Intertek had rejected EQT bids worth £51.50, £54 and £58 a share on valuation grounds, but last month said it was ‘minded to recommend’ the £60 offer after investor pressure to strike a deal.

The cash component of the £60 offer is a 40pc premium to Intertek’s closing price the day before EQT’s initial bid was made public.

Alongside the cash, Intertek shareholders will still receive their final dividend for 2025.

Intertek’s chief executive Andre Lacroix said: “This offer represents an attractive opportunity for Intertek shareholders by delivering cash certainty today, and we are confident that Intertek will continue to thrive.”

Abu Dhabi Investment Authority and wealth fund Mubadala will become minority shareholders, with stakes of 16pc and 8pc respectively.

Shares in Intertek rose 1.7pc, or 95p, to 5815p yesterday.

The deal represents Britain’s third-largest private equity takeover, behind the acquisition of airport operator BAA in 2006 and pharmacy chain Alliance Boots in 2007, according to London Stock Exchange Group data.

Intertek is the latest UK-listed firm to be snapped up amid a frenzy that has seen foreign predators scouring the London market for firms they can snap up on the cheap.

William Hill owner Evoke recently agreed to a takeover by Greece-based Bally’s Intralot, while energy firm DCC is the latest FTSE100 company to be circled.

It recently said it was ‘minded’ to back a £5.7bn offer from private equity firm KKR and Energy Capital Partners.

Intertek — William Hill owner Evoke recently agreed to a takeover by Greece-based Bally’s Intralot, while energy firm DCC is the latest FTSE100 company to be circled. (SHAUN CURRY/AFP via Getty Images)

Earlier this year, City behemoth Schroders backed a £9.9bn takeover by US rival Nuveen, while Lloyd’s of London underwriter Beazley agreed to be bought by Zurich Insurance in a £8.1bn deal.

This week, Steven Fine, boss of City broker Peel Hunt, described the wave of foreign takeovers of UK firms as a ‘national disgrace’.