The UK’s public-to-private wave claims its next massive target. Swedish private equity giant EQT has secured a definitive agreement to acquire London-listed testing and inspection powerhouse Intertek Group in a deal valuing the firm’s equity at £9.5 billion ($12.5 billion).

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The transaction features heavy financial muscle from the Gulf, with Abu Dhabi sovereign wealth funds injecting £1.5 billion into the acquisition consortium.

The Deal by the Numbers

• The Cash Offer: Shareholders will receive £60.00 per share in cash, plus a previously announced final dividend of 107.7p, totaling £61.077 per share.
• The Premium: The final price tag commands a 62% premium over Intertek’s closing price on April 9, 2026, right before EQT initiated its bidding sequence.
• The Abu Dhabi Backing: Middle Eastern capital is heavily fueling the buyout. The Abu Dhabi Investment Authority (ADIA) is taking a 16% minority stake, while Mubadala Investment Company will secure an 8% stake.

How the Battle Was Won

The breakthrough comes after a fierce, multi-turn chess match between EQT and Intertek’s board, which had previously knocked back three lower offers:

Bid Round	Offer Price	Board Status
First Bid	£51.50	Rejected outright
Second Bid	£54.00	Rejected outright
Third Bid	£58.00	Under review amid mounting pressure
Final Agreement	£60.00 (+ dividend)	Unanimously Recommended

The buyout talks didn’t happen in a vacuum. Intertek’s leadership was facing heavy pressure from activist investors, including Palliser Capital and Matt Peltz, who pushed the board to stop resisting and unlock value. At one stage, Intertek even launched a strategic review to explore breaking up its business units to ward off the takeover, before ultimately embracing EQT’s final sweetened offer.

Looking Ahead

The transaction will be executed via a court-sanctioned scheme of arrangement and is slated to close between Q4 2026 and Q1 2027, pending shareholder and regulatory approvals. Once finalized, it will rank as one of the largest UK take-private deals of the year, underscoring the ongoing trend of foreign capital snapping up undervalued FTSE components.

Editing by katie willimas