Intertek Group: EQT Takeover Comes At A Sane Valuation

2026-05-22 04:50:13 ET

Intertek Group Plc ( IKTSF ) accepted a takeover bid from EQT, the Swedish investment group which has all sorts of private market funds. Based on a possible comp like SGS ( SGSOY ) also in the certification markets, we think the current price is reasonable - as opposed to less sweet offers before . There is currently a 10% deal spread for Intertek. It appeared to be a deal with support from shareholders , and while there isn't a relative premium to standalone companies not subject to a total control takeover, the valuation is full enough where we don't expect too many issues in seeing the deal through, particularly as the stock hasn't been performing that well, and the offer is coming from a non-strategic sponsor. While it wouldn't be good for prices if the deal collapsed, it's not a bad asset to own in its own right....

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