Spectris agrees £3.8bn takeover by Advent as KKR mulls rival bid

Industrial group Spectris has agreed to a £3.8 billion takeover by US private equity firm Advent International but could be set for a bidding battle as Kohlberg Kravis Roberts weighs up a rival offer.

Advent will pay £37.63 per share for the FTSE 250-listed company, valuing Spectris at £3.8 billion, or around £4.4 billion including debts.

Kohlberg Kravis Roberts (KKR) set the scene for a possible takeover tussle as it said, soon after the deal with Advent was announced, that it was in the “advanced stages of due diligence” and arranging financing for a potential bid.

KKR added it has been “engaging constructively” with the Spectris board since first making an approach to the firm on June 2.

While KKR said there was no certainty it would make a firm offer, it “strongly encourages shareholders to take no action with regards to the Advent offer”.

The deal for Spectris marks the latest in a long line of London-listed firms set to leave the market after a recent flurry of firms defecting from the City for rival exchanges overseas or being bought out.

Spectris – a maker of precision measurement instruments – is headquartered in London and employs about 7,400 people in more than 30 countries.

Shonnel Malani, managing partner at Advent International, said: “Acquiring Spectris is Advent’s vote of confidence in British engineering and innovation.

“As active partners, we are dedicated to accelerating Spectris’ growth and enhancing its leadership in precision measurement.

“With its talented people and proven track record of driving breakthroughs across industries, we are poised to invest in its continued success, pushing the boundaries of technological progress, expanding its global reach and delivering transformative solutions to the world’s most dynamic sectors.”

Spectris chairman Mark Williamson 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.”

Spectris specialises in high-tech instruments for firms such as those in the pharmaceutical and semiconductor sectors.

The deal with Advent is expected to complete by the first quarter of 2026.