In a bidding war between two US private equity giants, KKR has outbid Advent International to takeover UK software firm Spectris in a deal worth £4.7bn including debts.
Under the terms of the agreed acquisition, shareholders will receive £40 per share; a 6.3% increase of the £37.63 per share deal Advent had previously offered in June.
This is not the first takeover bid that KKR made for the FTSE 250-listed supplier of high tech precision instruments and controls.
The London-headquartered firm announced last month that it had rejected a former offer made by KKR and instead was pursuing ongoing conversations with Advent.
According to various media outlets, Spectris Chair Mark Williamson stated that KKR’s offer “provides attractive and immediate cash value for shareholders and a compelling vision for the future of the group that the board believes will be to the benefit of our stakeholders”.
The acquisition is set to complete by the first quarter of 2026.
More to follow…
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