Key Takeaways
- • EQT has agreed to acquire molecular testing company Qiagen in a €9.6bn transaction, one of the largest European healthcare buyouts this year, according to Bloomberg.
- • The consortium, which includes Abu Dhabi Investment Authority (ADIA) and CPP Investments, will pay €46.50 per share in cash, subject to approval from Qiagen's board.
- • The offer represents a premium of approximately 40% to Qiagen's share price before earlier takeover reports.
- • The deal extends a busy year for EQT, which has also agreed the £9.3bn takeover of Intertek and the A$9.3bn acquisition of Cleanaway.
- • Qiagen shares rose as much as 6.2% in Frankfurt trading following confirmation of the agreement.
Summary
Swedish private equity firm EQT has agreed to acquire Qiagen, the Netherlands-incorporated molecular testing company with its main offices in Germany, in a transaction valued at €9.6bn, according to a report by Bloomberg. The deal is among the largest European healthcare buyouts this year. The EQT-led consortium, which includes Abu Dhabi Investment Authority (ADIA) and Canada Pension Plan Investment Board (CPP Investments), will pay €46.50 per share in cash, subject to 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.
Qiagen 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, and Qiagen subsequently explored a potential combination with French diagnostics group BioMérieux. Bloomberg also reported that KKR submitted a competing offer during the latest sale process. Switzerland-based PSquared Asset Management, one of Qiagen's largest shareholders, had publicly supported a potential transaction.
The agreement extends a period of heavy dealmaking for EQT, which has also agreed two other major acquisitions this year: the £9.3bn takeover of UK-listed testing group Intertek and the A$9.3bn acquisition of Australian waste management company Cleanaway. Qiagen's shares rose as much as 6.2% in Frankfurt trading on Thursday following confirmation of the agreement.
Qiagen 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, and Qiagen subsequently explored a potential combination with French diagnostics group BioMérieux. Bloomberg also reported that KKR submitted a competing offer during the latest sale process. Switzerland-based PSquared Asset Management, one of Qiagen's largest shareholders, had publicly supported a potential transaction.
The agreement extends a period of heavy dealmaking for EQT, which has also agreed two other major acquisitions this year: the £9.3bn takeover of UK-listed testing group Intertek and the A$9.3bn acquisition of Australian waste management company Cleanaway. Qiagen's shares rose as much as 6.2% in Frankfurt trading on Thursday following confirmation of the agreement.
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