EQT is in advanced negotiations to acquire European molecular testing company Qiagen in a potential buyout valued at more than $10bn, with rival private equity firm KKR also submitting a bid, according to Private Equity Wire. The Swedish buyout manager has reportedly made a binding offer exceeding $50 per share for Qiagen, and Qiagen’s board is expected to meet this week to consider a potential transaction, according to people familiar with the matter cited by Bloomberg and relayed by Private Equity Wire.
Offer details and competing interest
KKR has also submitted a bid for Qiagen in the same process, according to Private Equity Wire. EQT’s reported offer is described as binding and exceeds $50 per share, according to the same report.
Market reaction and valuation
Qiagen’s US-listed shares rose as much as 9.2% following the report on Tuesday, valuing the business at approximately $10.2bn, according to Private Equity Wire. Qiagen is also listed in Frankfurt, according to the publication.
Company profile and strategic review
Netherlands-based Qiagen develops molecular testing technologies used in clinical diagnostics, pharmaceutical research and life sciences, according to Private Equity Wire. The company has been evaluating strategic alternatives amid renewed acquisition interest, with Bloomberg reporting in January that Qiagen was considering its options, according to the same report.
Process status and deal certainty
Discussions remain ongoing, and there is no certainty that a transaction with EQT or another bidder will proceed, according to Private Equity Wire. Qiagen’s board is expected to meet this week to consider a potential transaction, according to people familiar with the matter cited in the report.
A successful acquisition would rank among Europe’s largest healthcare buyouts this year and would end years of takeover speculation surrounding the diagnostics company, according to Private Equity Wire.
