UK-based industrial technology group Spectris has rejected a second takeover proposal from global private equity firm KKR, opting instead to back a rival $5bn offer from Advent International, marking one of the largest UK public-to-private deals so far in 2025, according to a report by Reuters.
Spectris, which provides precision instrumentation, software, and control systems to end-markets such as pharmaceuticals, steel, and automotive, confirmed on Friday that it had turned down a second, unspecified approach from KKR. The board had already signalled earlier in the week that it would support Advent’s indicative proposal of £37.63 per share, should a binding offer materialise.
While Spectris did not disclose financial terms of KKR’s latest proposal, the rejection highlights the board’s preference for Advent’s terms – both in valuation and deal certainty. Advent declined to comment, while KKR has yet to issue a formal response.
Spectris has emerged as the largest M&A target in the UK market this year, amid a broader trend of overseas private equity firms capitalising on suppressed UK valuations and a weakening sterling.
With a market cap just shy of £4bn prior to the deal talk, Spectris represents a compelling buyout opportunity in the high-margin, tech-enabled industrial segment – an area where both Advent and KKR have strong track records and active portfolios.
KKR now has until 11 July to either formalise its interest or withdraw, under UK Takeover Panel rules. Any competing bid would need to not only top Advent’s per-share proposal but offer higher deal certainty, given Spectris’ early preference for Advent’s terms.
Advent’s interest in Spectris aligns with its global strategy of acquiring market-leading, engineering-intensive businesses and scaling them through operational improvement, internationalisation, and strategic M&A.
Spectris’ strong recurring revenue profile, exposure to regulated end-markets, and growing software footprint make it a natural fit for Advent’s industrial tech platform. The firm has a long history of investing in control systems, metrology, and laboratory testing technologies across Europe and North America.
