Advent International has agreed to acquire UK-based precision instruments specialist Spectris in a £3.8bn all-cash transaction, marking the latest major buyout of a London-listed firm by a global private equity powerhouse.

The offer values Spectris at £37.63 per share, or approximately £4.4bn including debt. However, a takeover contest could be brewing as rival private equity firm KKR confirmed it is in the “advanced stages of due diligence” and arranging financing for a competing proposal. KKR has urged Spectris shareholders to withhold action on Advent’s offer as it considers a formal bid.

The move continues a wave of private equity-driven takeovers in the UK, particularly among mid-cap industrial and tech firms. Spectris, headquartered in London, provides precision measurement tools and employs over 7,000 people across more than 30 countries. Its technologies serve clients in sectors such as semiconductors and pharmaceuticals.

Advent Managing Partner Shonnel Malani called the acquisition “a vote of confidence in British engineering and innovation,” and said the firm aims to “accelerate Spectris’ growth and enhance its leadership in precision measurement.”

Mark Williamson, Chairman of Spectris, added that while the board remains confident in the company’s long-term prospects, the Advent proposal “represents strong and immediate cash value for shareholders.”

The deal is expected to close in the first quarter of 2026, pending shareholder and regulatory approvals.

Source: Bloomberg

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