EQT Agrees to Buy Intertek Group for $12.36 Billion

Swedish private equity firm EQT AB struck a deal on June 18, 2026 to acquire Intertek Group for approximately £9.3 billion ($12.36 billion), in a recommended all-cash offer that will take the UK-listed testing and certification company private. Under the terms agreed through EQT's newly formed acquisition vehicle Isotope Bidco, Intertek shareholders will receive £60 in cash per share and retain the company's previously announced FY2025 final dividend of 107.7 pence per share, bringing the total value per share to £61.077. Abu Dhabi sovereign wealth funds ADIA and Mubadala are co-investors alongside EQT in the transaction.

Intertek is one of the world's largest testing, inspection and certification (TIC) businesses, operating across industries including consumer goods, chemicals, energy, and infrastructure to help companies verify product quality and regulatory compliance. EQT's pursuit was protracted: the firm launched its first approach in early April 2026 at £51 per share, and Intertek's board rejected three successive bids at £51, £54 and then £58 before accepting the revised £60 offer amid mounting pressure from shareholders questioning the company's standalone strategy. The deal is expected to rank as Britain's third-largest private equity acquisition on record, behind the buyouts of airport operator BAA in 2006 and pharmacy chain Alliance Boots in 2007. EQT has stated it intends to invest further in Intertek with a focus on innovation and targeted acquisitions to drive international expansion, and has committed to no immediate redundancies.

The agreed offer requires Intertek shareholder approval, with a court meeting and general meeting expected to be held by early August 2026. Regulatory clearances across the multiple jurisdictions in which Intertek operates will also be required before the deal can close. Completion is currently anticipated in Q4 2026 or Q1 2027. The transaction will result in Intertek's departure from the FTSE 100 index and its delisting from the London Stock Exchange, continuing a visible trend of UK blue-chip companies exiting public markets through private equity take-privates. Investors and market observers will be watching whether competition authorities raise concerns, how quickly Intertek's remaining shareholders tender their shares, and whether EQT's ownership structure unlocks the accelerated M&A and investment it has pledged.