Singapore's Temasek Holdings has agreed to buy Element Materials Technology for about $7 billion, as it sees an opportunity to boost growth at the testing and inspection services provider, two sources familiar with the matter said.
State investor Temasek, which acquired a significant minority stake in Element in 2019, is buying the company from London-listed buyout firm Bridgepoint Group and an announcement could be made as early as Monday, one of the sources said.
The buyout will be one of the biggest ever deals by Temasek and a rare controlling-stake transaction by the investor, which reported a 25% rise in its portfolio value to a record S$381 billion ($283 billion) in the year ended March 2021.
The sources declined to be identified as details of the deal have not been made public.
Temasek declined to comment, while there was no immediate response from Bridgepoint and Element Materials to a Reuters query sent outside regular business hours.
Bridgepoint acquired Element from British buyout group 3i for an undisclosed sum in December 2015.
Element is one of the world's leading global providers of testing, inspection and certification services for a diverse range of products and technologies. It caters to clients in aerospace, industrial, energy, technology and other sectors.
Element's 7,000 scientists, engineers and technologists work in its global network of more than 200 laboratories.
Earlier on Monday, Bloomberg reported news of the deal.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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