US-based Advent International has made a firm £4.4bn offer for Spectris plc.
The deal was first reported two weeks ago but the London firm has now officially recommended the deal to its shareholders in a notice posted to the London Stock Exchange.
The deal – agreed after several earlier offers from Advent were rebuffed – will need 75% support from the shareholder base but there is a potential alternative looming.
Fellow American private equity giant KKR posted its own statement noting the announcement, and adding: “KKR has been engaging constructively with the Board of Spectris since submitting its first proposal to acquire the entire issued and to be issued share capital of Spectris on 2 June 2025.
“Whilst no revised proposal has been made to the board of Spectris, KKR confirms that it is actively engaged in the advanced stages of due diligence and arranging financing commitments.”
Advent’s offer is for £37.63 per Spectris share – £37.35 in cash plus a proposed interim dividend of 28p per share. If approved, the acquisition is expected to complete in or by Q1 2026.
Spectris, which employs 7,600 people, has two divisions – Spectris Scientific and Spectris Dynamics – with annual sales of £776.7m and £501.7m respectively.
Spectris Scientific, behind advanced measurement techniques for materials analysis, serves the pharmaceutical, semiconductor, primary and advanced materials and advanced research sectors. It is comprised of three companies: Malvern Panalytical, Particle Measuring Systems and Servomex.
Spectris Dynamics, a provider of advanced virtual and physical testing, and high precision sensing solutions, supports the world’s leading automotive, machine manufacturing, aerospace, electronics and advanced research customers through its business HBK.
Mark Williamson, chairman of Spectris, said: “The board remains confident in Spectris’ strategy and the opportunities that will be delivered over the medium term, but believes that Advent’s offer recognises the attractiveness of Spectris and represents strong and immediate cash value for shareholders at an attractive premium of 84.6% to the undisturbed share price.
“The board believes that the offer will benefit Spectris’ stakeholders and the operational and financial resources of Advent are expected to enhance opportunities for our employees and the company.”