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.
A Temasek logo is seen at the annual Temasek Review in Singapore July 7, 2016. REUTERS/Edgar Sufor 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 GroupThe 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 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.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.Register now for FREE unlimited access to Reuters.comAdditional reporting by Nishit Jogi in Bengaluru; Editing by Christian Schmollinger and Kenneth MaxwellSubscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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