Intertek Group plc (ITRK.L), a provider of quality assurance solutions, Friday announced that it has agreed to be acquired by Isotope Bidco Limited or Bidco, a newly formed special entity vehicle owned by the Swedish private equity firm EQT.
Under the terms of the acquisition, Intertek Shareholders will receive 60 pounds in cash and a final dividend of 107.7 pence per Intertek Share.
The cash consideration represents a premium of 59 percent to Intertek's share price of 37.70 pounds as on April 9 close and a 61 percent to the volume-weighted average closing price of 37.18 per Intertek share for the one-month period ending April 9.
The total cash consideration for this deal is around 9.3 billion pounds.
With this acquisition, EQT believes it is well positioned to accelerate Intertek's next phase of growth with renewed strategic focus on innovation underpinned by greater AI adoption, enhancing Intertek's competitive position and unlocking its position as leading Assurance, Testing, Inspection and Certification platform.
Intertek provides services to more than 400,000 clients across several sectors and jurisdictions, where regulatory requirements and the need for companies to protect their brands result in recurring revenues.
Currently, ITRK.L shares are trading at 5810 pence, down 0.09% on the London Stock Exchange.
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