Buyout firm EQT acquires German diagnostics group in €10.8bn deal

✦ Meridian Analysis

Buyout firm EQT has signed a definitive agreement to take German diagnostics group Qiagen private in a leveraged‑buyout valued at €10.8 billion, making it one of the largest take‑private transactions in Europe this year. EQT acts as the financial sponsor, providing the equity contribution and arranging the debt financing that will underpin the LBO; the specific lenders and the structure of the financing package have not been disclosed. Qiagen, the target, will be delisted following the transaction, and the deal is now subject to the usual regulatory clearances before completion. The transaction adds a sizeable healthcare platform to EQT’s portfolio at a time when European private‑equity investors remain active in the sector. The size of the deal reflects the continued appetite for diagnostic and molecular‑testing assets, which have benefited from heightened demand for personalized medicine and pandemic‑driven testing capacity. EQT’s parallel activity in other industries—such as its recent €5.7 billion acquisition of Australian waste‑management firm Cleanaway, reported by Meridian on 19 October—illustrates the firm’s broad acquisition drive across Europe and beyond, but the Qiagen deal is distinct in its focus on a high‑growth, science‑intensive business. Key items that remain undisclosed include the per‑share price and implied multiple, the exact leverage ratio and composition of the debt tranche, and the advisers representing each party. Observers will also watch the timeline for antitrust clearance and any shareholder vote, as well as whether EQT will retain Qiagen’s existing management team post‑closing.

The Meridian Weekly