Spectris agrees to be bought by Advent in £3.8bn deal
Instrumentation company Spectris Plc and private equity investor Advent have reached an agreement on the terms of a recommended cash acquisition.
Advent will pay £37.63 for every Spectris share, including £37.35 in cash from Bidco and an interim dividend of 28.0p, representing an "attractive premium" of approximately 84.6p to its closing price on 6 June and valuing the business at approximately £3.8bn.
The FTSE 100-listed firm noted that the offer price represented a multiple of 18.5x adjusted FY24 adjusted underlying earnings.
Chief executive Andrew Heath said: "Since 2019, we have repositioned Spectris as a focused, high-quality, compound growth business with advantaged positions in attractive end markets.
"In light of a strong set of intentions set out today, the board have confidence that Advent is committed to supporting Spectris with investment that will drive growth and accelerate delivery of our strategic objectives."
Spectris intends to unanimously recommend that shareholders vote in favour of the acquisition.
Reporting by Iain Gilbert at Sharecast.com
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