Freshfields and Slaughter and May have scored lead roles in EQT's £10.9bn takeover of Intertek, in a deal that sees another London-listed firm bought out by foreign bidders.
Freshfields is acting for EQT on the deal, with the all-London team led by newly appointed UK managing partner Victoria Sigeti alongside partners Piers Prichard Jones, Kate Cooper, Mark Brewer, Angus Scott and Lucy Cliff.
Meanwhile a Slaughters team led by corporate partners David Watkins and Natalie Cook is advising Intertek, which had rejected three previous bids from EQT since mid-April on valuation grounds before the product testing firm bowed to investor pressure to strike a deal.
EQT is acquiring Intertek alongside Abu Dhabi sovereign wealth funds Abu Dhabi Investment Authority and Mubadala Investment Company, which will own stakes of 16% and 8% respectively. Linklaters is advising Luxinva, a wholly-owned subsidiary of the Abu Dhabi Investment Authority, while Clifford Chance is acting for Mubadala.
Simpson Thacher & Bartlett and Sweden's Vinge are acting as regulatory counsel to the buyers. The former's team includes London partner Antonio Bavasso and Brussels partner Josh Buckland advising on European antitrust and foreign direct investment, while the latter's is led by partner Sebastian Orndhal.
Intertek is one of a number of large companies bought off the London stock market this year by foreign buyers, as investors seek to capitalise on undervalued UK businesses.
UK M&A activity tripled to $192bn in the first four months of 2026 from year-ago levels, according to Reuters, driven by foreign takeovers. Slaughters has acted in many of the year's top deals on both sides of the table, advising Schroders on its £9.9bn takeover by Clifford Chance-counselled US asset manager Nuveen and insurance giant Zurich on its £8.1bn takeover of Beazley, which was advised by Freshfields.
Under the terms of EQT's offer, Intertek shareholders will be entitled to receive £61.08 per Intertek share, comprising cash consideration of £60 and a permitted dividend of 107.7 pence to be paid prior to completion. The total value of the offer values Intertek at approximately £9.5bn and implies an enterprise value of approximately £10.9bn.
The transaction is expected to complete in Q4 2026 or Q1 2027, subject to regulatory and shareholder approvals.
Morgan Stanley, Barclays and Deutsche Bank are advising EQT, while JPMorgan, Goldman Sachs and PJT Partners are Intertek's advisors.
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