EQT has agreed to acquire German diagnostics group Qiagen in a deal valued at €10.8bn, marking one of the largest take-private transactions in Europe this year. Qiagen’s supervisory and management boards unanimously backed EQT’s offer of €46.50 per share in cash, representing a roughly 40% premium to its pre-takeover share price. The transaction includes debt and follows a competitive bidding process initiated earlier this year.
EQT is investing alongside Abu Dhabi Investment Authority and Canada’s CPP Investments. The deal adds to a wave of large private equity takeovers in Europe, including EQT’s £10.7bn acquisition of Intertek and CVC’s €10.9bn takeover of Recordati. Private equity firms face pressure to deploy capital despite tougher exit conditions amid higher interest rates and geopolitical uncertainty.
Qiagen’s CEO Jon Pratt said private ownership will allow the company to move faster and allocate resources more strategically. Founded in Germany in the 1980s and listed on Nasdaq, Qiagen was previously targeted by Thermo Fisher in 2020. Its shares fell over 50% between a September 2021 peak and May this year due to declining Covid test demand and slowing tuberculosis test sales.
The deal follows activist investor Fivespan Partners building a stake last year. Mark Stevenson, a Fivespan operating partner and former Thermo Fisher COO, joined Qiagen’s supervisory board in January. Pratt became CEO in September, succeeding Thierry Bernard, who stepped down in November.
Source: Financial Times Companies · Summarized by HeadlinesBriefing