EQT to acquire Intertek in £10.9bn deal

Swedish private equity firm EQT has reached an agreement to acquire product testing and inspection group Intertek in a transaction described as worth around £10.9 billion including debt. The deal comes after a series of approaches to the London‑listed company, culminating in an agreed offer that will result in Intertek moving into private ownership upon completion.

Intertek, a major provider of testing, inspection and certification services, will be removed from public markets if the acquisition is completed as planned. The transaction represents one of the larger recent European buyouts in the industrial and business services sector, highlighting continuing private equity interest in established, cash‑generative testing businesses.

Following completion of the acquisition, Abu Dhabi Investment Authority (ADIA) and Mubadala are expected to become significant minority shareholders in Intertek. ADIA is set to hold a stake of about 16%, while Mubadala is expected to own about 8% of the company.

Their participation introduces long‑term sovereign capital into the ownership structure alongside EQT. The planned shareholdings underscore the role of Gulf wealth funds as key partners in large cross‑border private equity transactions involving European industrial and services assets.

A group of global investment banks is advising the parties on the deal. Morgan Stanley (MS), Barclays (BARC.L) and Deutsche Bank (DBKd) are acting as advisers to EQT, while JPMorgan, Goldman Sachs and PJT Partners are advising Intertek.

The involvement of multiple major banks reflects both the size and complexity of the transaction, which combines equity commitments from EQT and its partners with debt financing. The advisory teams are supporting valuation analysis, financing arrangements and the detailed work required to implement the agreed takeover structure.

The acquisition is being implemented through a UK scheme of arrangement, a court‑supervised process commonly used for recommended takeovers of UK‑listed companies. As part of this process, Intertek shareholders will be asked to vote on the scheme at specially convened meetings.

Public filings and market notices indicate that shareholder meetings are expected to take place by early August. Subject to shareholder approval, court sanction and regulatory clearances, the scheme is expected to become effective in either the fourth quarter of 2026 or the first quarter of 2027.

Until completion, Intertek will continue to operate as an independent listed company. If all conditions are satisfied and the scheme becomes effective as anticipated, Intertek will be owned by EQT with ADIA and Mubadala as minority investors, marking a significant shift in the company’s shareholder base and governance structure.