Britain’s corporate landscape has suffered another major blow after laboratory testing giant Intertek agreed to a £9.5 billion takeover by Swedish private equity group EQT — the latest FTSE-listed company to disappear from UK ownership.
The London-listed firm accepted EQT’s £61.08-a-share offer after rejecting three previous approaches from the investor, which had risen from £51.50 to £54 and then £58 per share.
The deal places a total enterprise value of £10.9 billion on Intertek once debt is included and represents a 62 per cent premium to the company’s share price before EQT made its first move in April.
The takeover intensifies growing concerns over the attractiveness of London’s stock market, which has seen a wave of British businesses snapped up by overseas buyers or taken private.
The sale comes just days after sweeteners and ingredients manufacturer Tate & Lyle agreed a £2.7 billion takeover by US rival Ingredion, ending more than 165 years of UK ownership.
Other major British names to vanish from the market include insurer Beazley, which agreed an £8.1 billion takeover by Swiss giant Zurich, and asset manager Schroders, which accepted a £9.9 billion deal from US investment firm Nuveen.
William Hill owner Evoke was also bought for £243.1 million by Greek gambling company Bally’s Intralot.
Intertek, founded in the UK more than a century ago, provides testing, inspection and certification services to industries around the world. The company operates more than 1,000 laboratories and offices across more than 100 countries.
The firm had been reviewing the future of its Intertek Energy and Infrastructure division, considering a sale or separation from its wider Testing and Assurance business. That process was paused last month after the company indicated it was prepared to back EQT’s latest proposal.
EQT said it intends to keep Intertek’s headquarters in London and will launch a year-long strategic review once the takeover is completed.
The Swedish investor said it supported a “more focused portfolio strategy” and warned that jobs could be affected, although it insisted any workforce reductions were not expected to be significant.
It added that it expected employment levels to increase over time as it pursued international expansion, innovation and acquisitions.
Intertek chief executive Andre Lacroix said the agreement offered shareholders “cash certainty today” and expressed confidence that the company would continue to grow under new ownership.
Matthias Wittkowski, EQT’s global head of services, said the firm planned to invest in Intertek’s future, focusing on technology, expansion and further acquisitions.
But for the London market, the deal represents another painful departure — raising fresh questions over why some of Britain’s biggest companies are increasingly becoming targets for overseas buyers rather than remaining home-grown champions.
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