LONDON: Private equity firm Kohlberg Kravis Roberts & Co. (KKR) has agreed to acquire British precision measurement company Spectris plc in a recommended cash deal valued at approximately £4.1 billion ($5.2 billion).
Under the terms of the acquisition, Spectris shareholders will receive £40.00 per share, comprising £39.72 in cash from KKR’s acquisition vehicle, Project Aurora Bidco Limited, and a 28 pence interim dividend. The offer represents a 96.3% premium to Spectris’ closing share price of £20.38 on June 6, 2025, before the offer period began.
The boards of both companies have unanimously approved the deal, with Spectris directors recommending shareholders vote in favor of the transaction. The acquisition is expected to be completed by the first quarter of 2026, pending regulatory and shareholder approvals.
Spectris, a London-listed company specializing in precision measurement technology, operates in scientific and industrial testing markets. KKR cited Spectris’ strong market position, innovation capabilities, and growth potential as key drivers for the acquisition.
“Spectris is an impressive industrial technology business serving attractive end-markets such as life sciences, aerospace, and academia,” said Joshua Weisenbeck, a partner at KKR. “We aim to invest in its future growth while supporting its talented workforce.”
KKR plans to maintain Spectris’ existing operations and explore employee ownership programs, a hallmark of its investment approach. The firm also committed to continuing Spectris’ corporate social responsibility initiatives, including a minimum £1 million annual contribution to the Spectris Foundation.
The KKR offer surpasses a previous £37.63-per-share bid from Advent International, which Spectris had initially supported before withdrawing its recommendation in favor of KKR’s higher bid.
Spectris Chairman Mark Williamson called KKR’s offer “a compelling vision for the future,” while CEO Andrew Heath expressed confidence in the deal’s benefits for employees and stakeholders.
The acquisition will be executed via a court-sanctioned scheme of arrangement, subject to approval by at least 75% of voting shareholders. The deal also requires antitrust clearances in the European Union, the U.S., China, and the U.K.
Spectris, which reported £1.3 billion in sales for 2024, employs about 7,400 people globally. Its shares trade on the London Stock Exchange under the ticker SXS.L.
KKR, with $664 billion in assets under management, has been active in the U.K. since 1996, including investments in companies such as Citation and Viridor.