A raft of firms has been called in for Qiagen's $10.8bn take-private acquisition by EQT, in a deal that ends years-long takeover speculation surrounding the Dutch molecular testing firm.
De Brauw Blackstone Westbroek, Linklaters and Davis Polk & Wardwell served as legal counsel to Qiagen, while Milbank acted as lead legal advisor to Sweden's EQT, with Stibbe and Paul Weiss serving as further legal advisors.
Clifford Chance and Freshfields advised co-investors Abu Dhabi Investment Authority and Canada Pension Plan Investment Board respectively.
The deal values Qiagen at about $12.1bn, including about $1.1bn in net debt and is expected to close in mid-2027. EQT offered $52.22 a share for Qiagen, representing an 8.6% premium to its last close, according to Reuters.
Qiagen's board unanimously approved the offer, which follows takeover interest from firms including Advent and KKR earlier this year as well as EQT, according to Bloomberg News.
The company, which provides technologies that extract and analyse DNA, RNA and proteins from biological samples, had agreed to be acquired by Thermo Fisher Scientific in 2020 in a deal valued at about $11.5bn. However, the takeover was abandoned after surging demand for the company's products during the Covid-19 pandemic boosted its share price and led investors to view the offer as too low.
Stephen Rusckowski, Qiagen's supervisory board chairman, said the deal with EQT was the "best path forward for Qiagen, its shareholders and other stakeholders".
De Brauw's effort was led by partners Arne Grimme, head of the firm's corporate M&A practice, and M&A partner Frank Hamming, while Linklaters' team was led out of Düsseldorf by corporate partner Staffan Illert and antitrust and foreign investment partner Daniela Seeliger
Davis Polk's team was led from New York by M&A practice head Oliver Smith and M&A partner Michael Gilson.
The Milbank team was led by Steffen Oppenländer, head of the firm’s German corporate and M&A group, corporate partner Christoph Rothenfußer and corporate finance partner Philipp Klöckner, all of whom are based in Munich.
Stibbe's team was led by corporate partner Marc Habermehl and capital markets counsel Nora Offergelt.
Moelis & Company and Goldman Sachs Bank Europe are serving as financial advisors to Qiagen, and Perella Weinberg Partners is serving as financial advisor to the supervisory board. Morgan Stanley & Co International and Jefferies are serving as lead financial advisors to EQT Private Equity, and Deutsche Bank is serving as financial advisor.
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