Private equity firm Advent International has secured agreement from UK-based Spectris, a scientific instruments and software provider, to a sweetened £4.8bn ($6.4bn) takeover offer that would mark one of the largest UK PE deals this year.
Advent’s revised proposal, which includes £40.72 per share in cash plus an interim dividend of 28p, edged out a competing offer from US buyout firm KKR, which had previously secured board support for a £4.7bn bid (inclusive of debt). Following the enhanced bid, the Spectris board withdrew its recommendation for KKR’s proposal, shifting support decisively in Advent’s favour.
KKR, which recently lost out in its pursuit of British healthcare REIT Assura, said it is reviewing its next steps.
The deal highlights the renewed appetite for UK assets among global private equity players. Despite political uncertainty in recent years, UK corporates continue to offer attractive valuations and global footprint, particularly in sectors with resilient fundamentals such as life sciences, advanced manufacturing and industrial tech.
Spectris, headquartered in London, provides precision instrumentation, testing hardware and analytical software to industries spanning pharmaceuticals, steel production and automotive — making it a valuable asset in the broader industrial digital transformation trend.
Spectris shares rallied 2.2% to 4,078 pence, marking a near four-year high and more than doubling in value since Advent’s initial approach in early June.
