Intertek takeover highlights London market struggles with new listings
5 reported
A consortium led by Swedish private equity firm EQT has agreed to acquire Intertek, a product testing and quality inspection company, for approximately £10bn. The deal marks the third FTSE 100 company to be taken over this year, following Schroders’ acquisition by Nuveen and Beazley’s purchase by Zurich. The Intertek board recommended the fourth offer from EQT at £60 per share, a 60% premium to the share price before the bidder approached in April. The article notes that only three flotations have occurred on London’s main market this year, none large enough to join the FTSE 100. Additionally, UK engineering firm Doncasters, founded in 1778, is listing in the US with a valuation over $4bn. The article describes London as an undervalued market where private equity funds hunt for opportunities.
What’s reported
EQT-led consortium agreed to buy Intertek for about £10bn.
Intertek board recommended the fourth offer at £60 per share, a 60% premium to pre-bid price.
Intertek is the third FTSE 100 company taken over this year; Schroders went to Nuveen, Beazley to Zurich.
Only three flotations on London’s main market this year, none FTSE 100-sized.
Doncasters, a UK engineering firm, is listing in the US with a valuation over $4bn.
Key figures
André Lacroix, chief executive of Intertek
EQT, Swedish private equity firm
Nuveen, Chicago-based asset manager
Zurich, Swiss insurer
KKR and Energy Capital Partners, private equity firms involved with DCC
Sources: The Guardian
