EQT has secured backing from two of Abu Dhabi's largest sovereign investors for its £10.9bn takeover of FTSE 100 testing company Intertek. The Abu Dhabi Investment Authority and Mubadala will take minority stakes alongside EQT, which will control 76% of the acquisition vehicle. This follows Intertek's strategic review into potentially splitting its Energy & Infrastructure arm from its core Testing & Assurance business.

Shareholders will receive £61.077 per share, including £60 in cash plus the 107.7p final dividend. That values Intertek's equity at roughly £9.5bn and represents a 40% premium to the undisturbed share price in mid-April, rising to 64% against early-April levels. The deal, implemented through a court-sanctioned scheme of arrangement, is expected to complete in late 2026 or early 2027.

EQT initially proposed lower prices of £51.50, £54, and £58 per share, all rejected by Intertek on valuation grounds. The Abu Dhabi investors gain exposure to a cash-generative quality-assurance platform without operational control burdens. Their participation reflects a growing trend of sovereign co-investors financing large take-private transactions, with Mubadala alone managing a $385bn portfolio across six continents.

The transaction underscores continued appetite for UK-listed assets among Middle Eastern investors seeking steady returns. Intertek's board paused its separation plans once EQT's final terms proved acceptable, ending months of speculation about the company's future structure.