FTSE 100 giant Intertek has agreed to a £10bn takeover by Swedish buyout firm EQT, triggering the latest high-profile departure from the London Stock Exchange.

The testing and assurance company said on Thursday that it has agreed to the £60 per share offer, valuing the deal at about £9.2bn or £10.6bn including debt.

The agreement seals a long-running saga around Intertek’s future, which saw its Swedish suitor table four separate offers and kicked off a heated dispute between shareholders over the company’s direction.

EQT launched its first bid for Intertek at the beginning of April, when it offered £51 per share. This, and subsequent £54 and £58 per share offers were slapped down by the testing firm.

Rejecting the third offer in early May, Intertek claimed it “significantly undervalues” the group. 

Long-running saga over price tag

Disputes over the firm’s share price centred on its plans to spin off its energy and infrastructure division, in a move which some investors claimed would add significant value that had been underpriced by EQT.

But other high-profile shareholders had ramped up pressure on Intertek to engage with its prospective buyer in recent weeks. 

Nelson Peltz, the son of billionaire activist investor Nelson, said the market had become “skeptical” as to whether Intertek’s board was capable of lifting itself “out of the hold it finds itself in”.

Peltz’s Lost Coast Collective holds roughly 1.2 per cent of Intertek. Other shareholders raised concerns over Intertek’s “fragile” governance.

Intertek said on Thursday morning that it had reached a takeover agreement with Isotope Bidco, a newly-formed company indirectly owned by EQT.

The agreed offer comprises £60 in cash per share, along with a final dividend of 107p per share, bringing the total value per share to £61.08.

EQT commits to investment in Intertek

André Lacroix, Intertek’s chief executive, said: “This offer represents an attractive opportunity for Intertek shareholders by delivering cash certainty today, and we are confident that Intertek will continue to thrive in the industry.”

Matthias Wittkowski, global head of services at EQT, said the Swedish firm has “admired” Intertek “for a long time”. 

“As a growth-oriented investor, EQT is committed to investing in Intertek, with a particular focus on innovation and targeted M&A to enable further international expansion and innovation,” he said.

Shares in Intertek rose 1.7 per cent on Thursday, to £58.15, leaving the stock up nearly 28 per cent in the year so far.

Intertek will become the latest high-profile firm to quit the London Stock Exchange, a week after Paddy Power owner Flutter ditched its secondary listing in London, in favour of New York.

London-listed firms are accepting private takeovers at an increasing rate, with asset manager Schroders and insurer Beazley both having accepted take-private offers this year.