EQT, a Swedish private equity firm, has agreed to acquire Intertek, the FTSE 100 testing and inspection company, in a deal valued at approximately £10.7 billion. The all-cash offer, recommended by Intertek’s board, values the company at £60 per share, representing a premium of around 61–62 percent over the closing share price prior to EQT’s initial bid in early April. When including Intertek’s debt, the total transaction value reaches £10.7 billion, with an equity valuation of about £9.3 billion.

Intertek, which provides risk management services and quality assurance across multiple sectors globally, had previously rejected three bids from EQT before entering a preliminary agreement last month. The deal follows a protracted negotiation process, culminating in a firm offer deadline extension to June 18. Along with the purchase price, shareholders are expected to receive the company’s final dividend for 2025, bringing the total consideration to approximately £61.08 per share.

EQT’s investment consortium also includes the Abu Dhabi Investment Authority and Mubadala, two Emirati sovereign wealth funds. EQT’s global head of services, Mathias Witkowski, emphasized the firm's commitment to growing Intertek through further acquisitions and innovation. Intertek’s CEO André Lacroix, who has led the company for over a decade, expressed confidence in EQT as a partner to accelerate growth, noting the offer provides shareholders with immediate cash certainty.

The acquisition is subject to shareholder approval and marks the latest FTSE 100 company to accept a takeover offer this year. Earlier in 2026, insurer Beazley agreed to be acquired by Swiss rival Zurich, and asset manager Schroders accepted a bid from Chicago-based Nuveen. Industry observers note that this activity underscores a broader trend of private equity takeovers amid concerns over relatively low valuations of UK public companies.

Market analysts view Intertek’s sale as a predictable outcome given the premium offered and shareholder pressure, including from activist investors such as Palliser Capital and Matt Peltz, son of Nelson Peltz, who had urged the company to engage with EQT. Intertek had briefly considered alternatives, including a possible breakup of its energy and infrastructure division, either through sale or demerger, but these options were ultimately overshadowed by the attractiveness of the private equity bid.

While takeovers are a normal feature of capital markets, some experts express concern about the lack of significant new listings on the London Stock Exchange. This year, only a handful of companies have floated publicly in London, with none large enough to enter the FTSE 100. Additionally, some UK-based companies, such as engineering firm Doncasters, have chosen to list in the United States, drawn by higher valuations.

The ongoing pattern of London-listed firms being taken private, coupled with limited large-scale new listings, has contributed to discussions about the market’s competitiveness and attractiveness. Despite reforms to listing rules and initiatives to encourage investment, London continues to face challenges in retaining and attracting high-value companies amid a global fundraising environment dominated by U.S. markets.