KKR has secured an agreement to acquire British scientific instruments maker Spectris after raising its offer to £4.8bn, outbidding rival Advent International in a tightly contested takeover battle that underscores rising sponsor appetite for undervalued UK assets, according to a report by Reuters.
The new offer of £41.75 per share, announced on Tuesday, prompted Spectris to withdraw its recommendation for Advent’s lower £41.00 per share proposal, which had been supported just four days earlier. The KKR offer values the company’s equity at £4.2bn, with an enterprise value of £4.8bn including debt.
The move marks the latest development in a month-long bidding war between two of the largest global private equity firms, both seeking to capitalise on the UK’s muted valuations, currency dynamics, and relative political stability amid global macro headwinds.
Shares in Spectris rose 1.4% following the revised KKR proposal.
KKR’s pursuit of Spectris comes amid a broader uptick in cross-border private equity transactions targeting the UK market. A combination of post-Brexit valuation discounts, a weaker sterling, and resilient corporate fundamentals has made UK-listed firms increasingly attractive to global buyers, particularly US-based sponsors with deep dry powder reserves.
Spectris, whose share price had fallen by nearly 50% since peaking in 2021, was first approached by Advent in June. The firm’s initial interest sparked competing offers and eventually forced a price revision from KKR to secure board support.
