Swedish private equity firm EQT is set to acquire Intertek, a FTSE 100 certification and testing specialist, in a deal valued at £10.6 billion. The board of Intertek has indicated it is minded to recommend that investors accept an offer of £60 per share.

The £60 per share climb to a £10.6 billion deal

The acquisition of Intertek by EQT follows a persistent campaign by the Stockholm-based private equity firm to secure the company. According to the report, EQT tabled a fourth and final offer of £60 per share after three previous bids—valued at £51.50, £54, and £58 per share—were rejected by the board. This final price point pushed Intertek's shares up 8 per cent to £57.20 as the market reacted to the imminent takeover.

Intertek provides essential testing, assurance, and certification services globally, helping companies manage operational and supply chain risks. While the board initially resisted the Swedish firm's advances, the report indicates that shareholder pressure eventually shifted the board's stance toward acceptance.

A £36.1 billion wave of foreign acquisitions hitting London

The Intertek deal is not an isolated event but part of a broader trend of foreign entities absorbing prime UK assets. Analysis by AJ Bell shows that the total value of live takeover approaches for London-listed companies has already reached £36.1 billion this year, surpassing the full-year 2025 total of £29 billion. This surge suggests a systemic vulnerability in the London stock market, where blue-chip firms are increasingly viewed as undervalued targets.

Intertek is the third FTSE 100 company to be targeted by foreign buyers this year. this follows a £9.9 billion takeover of the City institution Schroders by US rival Nuveen, as well as an £8.1 billion deal in which a Lloyd’s of London underwriter agreed to be purchased by Zurich Insurance. as Dan Coatsworth, head of markets at AJ Bell, noted, companies are being "picked off" the UK market one by one.

From DCC to Gamma:The widening net of private equity

The appetite for UK firms extends beyond the FTSE 100 and into various industrial sectors. For instance, the blue-chip energy group DCC recently turned down a £5 billion offer from a consortium consisting of US giants KKR and Energy Capital Partners. this indicates that American private equity firms are aggressively scouting for infrastructure and energy assets in the UK.

Similarly, Gamma Communications has revealed that it is in discussions with the American private equity group Providence Equity Partners. The news of these talks caused Gamma's valuation to rise to £855 million, illustrating how the mere prospect of a foreign buyout can trigger immediate price spikes for London-listed enttities.

Will the "next few days" timeline hold for Intertek shareholders?

While the takeover is expected to be completed within the next few days, several variables remain. The report highlights significant pressure from activist investors, including Matt Peltz—son of Nelson Peltz—as well as PrimeStone Capital and Palliser Capital, all of whom urged the board to secure the deal at the £60 price point. however, it remains unclear if any regulatory hurdles in the various global markets where Intertek operates could delay the closing.

Furthermore,the source does not specify if EQT intends to maintain Intertek's current management structure or if the private equity firm plans a more aggressive restructuring of the certification business once it is taken private. whether other FTSE 100 firms will follow Intertek's lead in the coming weeks remains the primary concern for London market strategists.