13th May 2021 08:57
(Alliance News) - Intertek Group PLC on Thursday announced it will acquire assurance services specialist SAI Global Assurance for AUD855 million, about USD659 million.
Intertek, which focuses on assurance, inspection and product testing, said the purchase would expand its presence in Australia, North America, the UK and China.
Sydney, Australia-based SAI Global Assurance has more than 60,000 customers in 130 countries and holds a strong position in the food and end-markets as well as a solid presence in environmental and sustainability audits. It is part of the wider SAI Global Group, headquartered in Chicago.
Intertek Chief Executive Andre Lacroix said: "SAI Global Assurance is a highly regarded business and brings a large, diverse, high quality customer base and strong positions in management systems certification, as well as food, agriculture and quick service restaurant audits.
"We believe the combined organisation will have an improved ability to deliver a superior service to customers across industries and geographies, while benefitting from operational and cost efficiencies."
Intertek will finance the acquisition using new debt facilities, it said. The deal is expected to be completed in the third quarter.
Shares in Intertek were up 1.9% at 5,916.00 pence in London in morning trading.
By Will Paige; [email protected]
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