EQT has agreed to acquire European molecular testing company Qiagen in a €9.6bn transaction, marking one of the largest European healthcare buyouts this year, according to a report by Bloomberg.
The Swedish private equity firm’s consortium, which includes Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPP Investments), will pay €46.50 per share in cash following approval from Qiagen’s board.
The offer represents a premium of approximately 40% to Qiagen’s share price before earlier reports of a potential takeover.
The agreement reportedly extends a period of significant dealmaking for EQT, which has also agreed two other major acquisitions this year, including the £9.3bn takeover of UK-listed testing group Intertek and the A$9.3bn acquisition of Australian waste management company Cleanaway.
Netherlands-incorporated Qiagen, which has its main offices in Germany, provides molecular testing technologies to pharmaceutical research teams and clinical laboratories.
The company has attracted takeover interest for several years. Thermo Fisher Scientific abandoned a $12bn bid in 2020 after failing to secure sufficient shareholder support, while Qiagen subsequently explored a potential combination with French diagnostics group BioMérieux.
KKR also reportedly submitted a competing offer during the latest sale process, while Switzerland-based PSquared Asset Management, one of Qiagen’s largest shareholders, had publicly supported a potential transaction.
Qiagen’s shares rose as much as 6.2% in Frankfurt trading on Thursday following confirmation of the agreement.
