Private‑equity firm EQT announced a £11 billion acquisition of Intertek, adding the UK‑based testing and certification group’s satellite‑deployment unit to its portfolio. The deal arrives as aerospace and defense assets draw heightened interest amid geopolitical tension and a rebound in travel. The purchase values Intertek at roughly 2.5 times its 2023 earnings, sharpening EQT’s foothold in space logistics.

Meanwhile, JF Lehman’s Financial Services Group expanded its exposure to the US nuclear navy by acquiring a portfolio of contracts tied to submarine support services. The addition diversifies FSG’s defence‑focused holdings and taps into a stable, government‑backed revenue stream. Analysts note that the nuclear‑navy niche offers long‑term cash flow insulated from commercial cycles. These contracts are expected to generate multi‑year cash flows through 2035.

Both transactions underscore private equity’s appetite for defence‑related assets that combine technological edge with predictable government spend. By locking in high‑margin, mission‑critical capabilities, firms like EQT and JF Lehman position themselves for steady returns even as macro uncertainty persists. Such assets typically command premium multiples in secondary markets, reinforcing valuation upside.