Temasek nearing deal to buy Bridgepoint testing business - report
Singapore state-owned investor Temasek was said to be nearing a deal to buy Bridgepoint’s testing business Element Materials Technology for almost $7bn.
According to Bloomberg, Temasek, which is already a minority owner in the business, could announce an agreement as early as Monday.
Bloomberg had previously reported that UK private equity firm Bridgepoint began exploring a sale late last year. It said Temasek pre-empted a bidding process that was expected to draw interest from other buyout firms as well as strategic investors.
Cinven and Canada Pension Plan Investment Board were among parties reported to be interested.
Element Materials tests and certifies products and materials used in industries ranging from oil and gas to aerospace. The business, which Bridgepoint agreed to buy in 2015 from 3i Group, has more than 200 laboratories globally.
A spokesman for Bridgepoint declined to comment on the report.