KKR has gazumped rival American private equity giant Advent International with a £4.7bn offer for Spectris plc.
The London firm’s board had previously recommended Advent’s £4.4bn offer, which was for £37.63 per Spectris share. However it has now withdrawn this in favour of an offer of £40 per share from KKR.
The offer is 6.3% higher than that of Advent, and represents a 96.3% premium to the closing price of £20.38 per Spectris share on 6th June 2025, the last day of trading before the offer period commenced. It comprises £37.35 in cash plus a proposed interim dividend of 28p per share.
Any deal will require 75% support from the shareholder base. If approved, the KKR acquisition is expected to complete in or by Q1 2026.
Spectris had rebuffed several earlier offers from Advent.
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.
KKR invested in UK companies since 1996 and has deployed over $25bn of equity across private equity and real assets in completing over 50 transactions
Andrew Heath (pictured), chief executive of Spectris, said: “This attractive offer from KKR recognises the quality of Spectris, our people, and our strong growth prospects.
“Our success in recent years has been driven by exceptionally talented people united behind a common purpose and ambition. We have been impressed by KKR’s intentions for our business, and the commitments to invest in our people and our future growth.
“I am confident that the next stage of the group’s development will be exciting and full of opportunity.”