Swedish private equity firm EQT has submitted a £60 per share cash offer for UK-listed testing and quality assurance company Intertek, valuing the business at approximately £9-10 billion. The Intertek board has signaled it is minded to recommend the offer to shareholders, marking the fourth and final bid from EQT after earlier proposals were rejected. The deal would take Intertek private in one of the larger European private equity buyouts of the year.
When a board recommends a takeover at a fixed cash price, the target stock typically converges toward that offer price — creating a spread trade opportunity for investors already holding shares or those considering entry below £60. Intertek shareholders are likely sitting on a near-term, defined exit at the offer price, though regulatory approval and shareholder vote risk remain. Broader UK mid-to-large cap investors should note this as another signal of private equity appetite for cash-generative, asset-light UK businesses trading at perceived discounts.
Formal offer document publication: expected within weeks of board recommendation. UK Competition and Markets Authority (CMA) review: likely triggered given deal size. Intertek shareholder vote: typically scheduled 4-6 weeks after formal offer document is posted.
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