KKR has secured board approval for the acquisition of UK scientific instruments manufacturer Spectris, after edging out rival Advent International with an increased bid of just over £4.8bn ($6.1bn), including debt.

Spectris announced on Tuesday that its board had accepted KKR’s revised offer of £41.75 per share in cash, topping Advent’s counterbid of £41 per share submitted late last week. The agreed transaction values Spectris’s equity at approximately £4.2bn.

The bidding war marks the latest chapter in a growing wave of take-private deals targeting undervalued UK-listed companies. Spectris had initially backed Advent’s £4.4bn bid in June, before KKR entered with a £4.7bn proposal in July. Advent returned with a raised offer last Friday, only for KKR to top it days later.

Based in London and listed on the FTSE 250, Spectris supplies precision instrumentation to clients across sectors including pharmaceuticals, semiconductors, automotive, and materials. The company reported Q1 sales of £299m, slightly down year-on-year due to market softness in key end sectors.

Spectris shares rose 1.7% in early trading on Tuesday to around £41.50, having more than doubled since early June when takeover interest emerged. Shareholders will now vote on KKR’s offer.

KKR’s bid comes amid a series of high-profile exits from the London Stock Exchange and rising private equity interest in UK assets. Recent deals include EQT’s £2.2bn acquisition of Keywords Studios, Thoma Bravo’s £4.3bn purchase of Darktrace, and DoorDash’s £2.9bn acquisition of Deliveroo.

Earlier this year, KKR withdrew from a proposed £4bn rescue deal for Thames Water and lost a separate bidding contest for healthcare REIT Assura to Primary Health Properties.

In a statement last month, KKR said it “believes that Spectris has a number of opportunities to accelerate its growth in attractive end markets which it has not been able to execute as a listed company.”

If you think we missed any important news, please do not hesitate to contact us at news@pe-insights.com.

Can`t stop reading? Read more.