Intertek agrees £9.5bn takeover by Sweden's EQT

(Sharecast News) - Intertek said on Thursday that it has agreed to be taken over by Swedish private equity firm EQT in a �9.5bn deal.

EQT will pay �61.077 per share for the inspection, product testing and certification group. This comprises �60 in cash and a final dividend of 107.7p per share.

The price represents a 59% premium to the closing Intertek share price on 9 April, which was the last business day before EQT submitted its initial proposal.

Intertek chief executive Andr� Lacroix said: "This offer represents an attractive opportunity for Intertek shareholders by delivering cash certainty today, and we are confident that Intertek will continue to thrive in the industry - capitalising on its stellar track record and its science-based customer excellence competitive advantage, operating on its new private platform and continuing to deliver sustainable growth for our people, customers and stakeholders."

Matthias Wittkowski, global head of services at EQT Private Equity, said: "We are delighted to have reached an agreement to acquire Intertek. EQT has admired the business for a long time as it is a global leader in the ATIC market with longstanding customer relationships across sectors, an industry-leading team and a science-based service offering underpinned by remarkable technical expertise.

"As a growth-oriented investor, EQT is committed to investing in Intertek, with a particular focus on innovation and targeted M&A to enable further international expansion and innovation. We will be a supportive partner as we work with Intertek's exceptionally talented global team to identify ways to accelerate its growth as the industry adapts and is transformed by digitalisation and AI."

At 0947 BST, the shares were up 1.2% at 5,790p.

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