Singapore’s state-owned investor Temasek Holdings is nearing a deal to acquire testing company Elements Materials Technology from acquisition firm Bridgepoint Group Plc for almost $7 billion. It sees achance to boost growth at the inspection and testing services provider, two sources familiar with the matter revealed.
Temasek, which secured a significant minority stake in Element in 2019, could announce an agreement as early as Monday.
Bloomberg News earlier reported that the London-listed private equity firm Bridgepoint began exploring a sale late last year. The firm was expected to draw interest from other buyout firms and strategic investors. The Canada Pension Plan Investment Board and Cinven Ltd. were also interested.
Elements Materials tests and certifies materials and products used in industries ranging from aerospace to oil and gas. The firm, which traces its history to almost 200 years ago, has more than 200 laboratories worldwide. Bridgepoint agreed to acquire the business in 2015 from rivals, 3i Group Plc.
The buyout will be one of the largest ever deals by Temasek and a rare controlling stake transaction by the investor, which reported a 25% increase in its portfolio value to a record Singaporean $381 billion ($283 billion) in the year ended March 2021.
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