Intertek's £10.9bn Private Equity Takeover by EQT: Full Timeline & Deal Analysis
Overview and Key Events in the Intertek-EQT Takeover
June 18 (Reuters) - Product testing firm Intertek Group on Thursday agreed to be acquired by Swedish private equity company EQT AB in a £10.9 billion ($14.5 billion) deal including debt, drawing to a close months of talks between the parties.
EQT has offered £60 per share in cash and another £1.08 per share in potential dividends.
At an equity value of about £9.5 billion, the deal would mark Britain's third-largest private equity takeover, behind the acquisitions of airport operator BAA in 2006 and pharmacy chain Alliance Boots in 2007, according to data compiled by LSEG.
Here is a timeline of Intertek's beginnings and EQT's approaches to buy the company over the past few months:
Historical Background of Intertek
1880-1950: Founding and Early Growth
1880-1950
Caleb Brett sets up marine surveying business in Britain.
In Montreal, Milton Hersey establishes a chemical testing laboratory, while Chas Warnock forms the Chas Warnock Company to inspect steel products. The companies later merge to become 'Warnock Hersey.'
Thomas Edison establishes the 'Lamp Testing Bureau' in the U.S., which later becomes ETL.
1980s to mid-1990s: Consolidation and Expansion
1980s to mid-1990s
Inchcape's Inchcape Testing Services acquires Caleb Brett, ETL and Warnock Hersey.
1996: Formation of Intertek Testing Services
1996
Inchcape Testing Services is bought by Charterhouse Development Capital and renamed Intertek Testing Services.
2002-2009: Public Listing and FTSE 100 Entry
2002
Intertek lists on the London Stock Exchange on May 29, becoming Intertek Group.
2009
Intertek enters the FTSE 100.
Timeline of EQT's Takeover Bids
April 2026: Initial Approaches
April 10: First Proposal
April 10
EQT tables £51.5-per-share proposal to acquire Intertek in private, valuing the British group at about £7.93 billion.
April 13: Rejection of First Proposal
April 13
Intertek rejects EQT's proposal in private.
April 14: Strategic Review Announcement
April 14
Intertek announces plans to split its business into separate energy/infrastructure and testing/assurance units. The potential separation could be via a sale or a spin-off and could help boost returns for shareholders, the company says.
April 16: Public Disclosure of Proposal
April 16
Intertek says it has rejected a buyout proposal from EQT AB, publicly disclosing for the first time the proposal made days earlier.
April 2026: Stakeholder Movements and Revised Offers
April 20: Activist Investor Involvement
April 20
Matt Peltz, founder of Lost Coast Collective and son of activist investor Nelson Peltz, discloses a more than 1% stake in Intertek, worth over £87 million amid takeover talks.
April 22: Sweetened Proposal
April 22
Intertek says it is reviewing a sweetened takeover proposal from EQT AB for £54 per share in cash, valuing it at £8.3 billion.
April 24: Rejection of Sweetened Offer
April 24
Intertek rejects the £54-per-share offer from EQT, says the revised proposal fundamentally undervalues the company.
May 2026: Final Negotiations
May 5: Further Improved Offer
May 5
Intertek receives another proposal from EQT AB for £58 per-share valuing the company at £8.93 billion, says it is reviewing the offer.
May 8: Continued Rejection and Board Response
May 8
Intertek rejects EQT's £8.93 billion takeover proposal and says it is focusing on its previously announced strategic review.
EQT says it is disappointed by the Intertek board's "lack of engagement" and reiterates the merits of its proposal.
May 11: Activist Pressure
May 11
Activist investor PrimeStone Capital, which owns about 0.5% of Intertek, urges its board to "engage constructively" with EQT AB and provide the fund due diligence access, while also raising doubts about the credibility of Intertek's review.
May 12: Final Bid and Shareholder Pressure
May 12
EQT proposes a final £9.4 billion takeover bid for Intertek, offering £60 per share in cash and a possible £1.1 per share annual dividend.
Peltz's Lost Coast urges Intertek to engage with EQT's latest bid and questions the company's partial sale strategy.
May 13: Board Consideration
May 13
Intertek says it could recommend EQT's final bid to its shareholders if a firm offer is tabled and pauses its standalone strategic review.
June 2026: Deal Closure
June 11: Deadline Extension
June 11
Deadline for final EQT offer is extended to June 18 under British takeover rules.
June 18: Agreement Reached
June 18
Intertek agrees to be taken private.
Deal Value and Editorial Notes
($1 = £0.7526)
(Compiled by Simone Lobo in Bengaluru; Editing by Jonathan Ananda)