EQT Private Equity, alongside co-investors ADIA and CPP Investments, has agreed to acquire Dutch molecular testing company Qiagen N.V. in an all-cash transaction valuing the enterprise at €9.6 billion ($10.8 billion). The offer of €46.50 per share represents a 40.3% premium over Qiagen's unaffected July 8 price. Unanimously supported by Qiagen's board, the deal will take the company private by mid-2027 following years of takeover speculation.
Deal valuation
- ▪EQT Private Equity agreed to acquire molecular testing company Qiagen N.V. in an all-cash public takeover offer valuing Qiagen at €9.6 billion ($10.8 billion) in enterprise value.
- ▪The acquisition values Qiagen at approximately $12.1 billion including $1.1 billion of net debt.
Offer Price and premium
- ▪The €46.50 per share offer represents a 46.9% premium to Qiagen's three-month volume-weighted average XETRA price of €31.66 up to July 8, 2026.
- ▪EQT Private Equity offered €46.50 per share in cash for Qiagen, representing a 40.3% premium over the unaffected July 8, 2026 XETRA closing price of €33.15.
Acquisition vehicle and co-investors
- ▪The acquisition vehicle, Crown NL Bidco B.V., is indirectly controlled by the EQT XI fund alongside its co-investors ADIA and CPP Investments.
- ▪Luxinva S.A., a wholly-owned subsidiary of Abu Dhabi Investment Authority, and CPP Investment Board Europe Inc. are participating as co-investors in the acquisition bidder.
Board approval and recommendation
- ▪QIAGEN Supervisory Board Chairman Stephen Rusckowski stated that going private offers shareholders compelling value and positions the company for its next phase of development.
- ▪QIAGEN's Supervisory Board and Managing Board unanimously approved the Business Combination Agreement and recommended shareholders accept the takeover offer.
- ▪QIAGEN's Supervisory Board and Managing Board agreed to the deal following a comprehensive strategic review that assessed stand-alone prospects and discussions with third parties.
Closing timeline and terms
- ▪The takeover offer for Qiagen is expected to close in mid-2027, subject to a minimum acceptance threshold of 50% plus one share and regulatory clearances.
- ▪Qiagen may elect to pay shareholders an interim dividend of up to $0.47 per share if regulatory approvals delay closing beyond 10 months.
Post-closing transaction measures
- ▪Non-tendering Qiagen shareholders will receive a cash distribution equal to the offer price less applicable withholding taxes under post-closing measures.
- ▪Upon implementation of post-closing measures, Qiagen's stock listings on the Frankfurt Stock Exchange and the New York Stock Exchange will be terminated.
Financial performance and outlook
- ▪Qiagen suspended its full-year 2026 financial outlook pending the completion of the takeover deal with EQT.
- ▪Qiagen reported preliminary third-quarter net sales of $548 million and adjusted diluted earnings per share of $0.65.
History of takeover attempts
- ▪Qiagen became a takeover target after former Chief Executive Officer Peer Schatz announced his departure in October 2019.
- ▪Thermo Fisher Scientific agreed in 2020 to acquire Qiagen for $11.5 billion, but abandoned the takeover after failing to secure sufficient shareholder support.
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