Intertek Board Signals Support for EQT’s £10.6bn Offer at £60 per Share

*TL;DR: Intertek’s board will recommend EQT’s £60‑per‑share offer, valuing the lab‑testing group at £10.6 bn, after the stock jumped nearly 7% to £56.65.

Context Intertek (LON:ITRK), a FTSE 100 testing and certification company, has faced three prior unsolicited approaches from private‑equity firm EQT. The Swedish buyout group, owned by the Wallenberg family, raised its bid to £60 per share, a premium over earlier offers of £58, £54 and £51. The proposal values Intertek at £10.6 bn including debt, or £9.4 bn on a debt‑free basis.

Key Facts - The board announced it is “minded to recommend” the offer, pending a firm bid and completion of due‑diligence conditions. - Intertek shares surged almost 7% to £56.65 on the news, narrowing the gap to the offer price. - Activist investor Matt Peltz, through Lost Coast Collective (1.2% stake), urged acceptance, arguing the market lacks confidence in current management and the stock would trade higher if the deal proceeded. - EQT, founded in 1994 as a spin‑out from Investor AB, manages a business empire estimated at $40 bn (£29.6 bn). The firm’s motto, “More than capital,” signals a focus on responsible ownership. - Intertek paused its strategic review, which had considered separating its energy‑infrastructure unit (£1.6 bn revenue) from its product‑testing arm (£1.9 bn revenue).

What It Means The board’s endorsement moves the transaction toward a shareholder vote, aligning with recent FTSE 100 takeovers such as Beazley and Schroders. Acceptance would give EQT control of a global network of 1,000+ labs and 45,000 employees, expanding its footprint in high‑growth sectors like life‑science testing and sustainability certification. For shareholders, the £60 price represents a roughly 6% premium over the current market level, but still below the earlier £58 peak, suggesting room for negotiation.

The deal also highlights the Wallenberg family’s continued push into UK infrastructure assets, complementing their historic holdings in banking and transportation. Should the offer become firm, Intertek’s market cap would rise to about £10.6 bn, positioning it among the larger private‑equity‑backed FTSE 100 exits this year.

Looking ahead, investors will watch for a formal firm offer from EQT, the outcome of the shareholder vote, and any regulatory review that could affect the transaction’s timeline.