Freshfields advises EQT on c.£5.8 billion equivalent multi-currency bank and bond financing for its acquisition of Intertek

Global law firm Freshfields LLP ('Freshfields') has advised EQT and Isotope Finco S.à r.l. ('Isotope Finco'), the indirect parent company of Isotope Bidco Limited ('Isotope Bidco'), on the bank and bond financing for Isotope Bidco's recommended cash offer of Intertek Group plc ('Intertek') (the 'Acquisition').

Intertek is a leading quality assurance provider to industries worldwide. Its network of more than 1,000 laboratories and offices in more than 100 countries delivers innovative and bespoke assurance, testing, inspection and certification solutions for its customers' operations and supply chains.

The loan financing for the Acquisition comprises a US$2,720 million term loan B facility, a €1,570 million term loan B facility, a AUD 350 million term loan B facility and a £870 million revolving credit facility. The syndicated facilities agreement also includes a US$435 million delayed draw term facility and a €250 million delayed draw term facility.

The high yield bond offering comprises US$700 million 7.125% senior secured notes due 2033 and €435 million 5.50% senior secured notes due 2033 (the 'Senior Secured Notes'). The Senior Secured Notes were issued on 9 October 2026, with the proceeds thereof being funded into escrow pending completion of the Acquisition. The Acquisition is expected to be implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act 2006 and remains subject to certain remaining conditions, including competition and regulatory clearances and the sanction of the scheme by the High Court of Justice in England and Wales. Completion of the Acquisition is expected in the fourth quarter of 2026 or the first quarter of 2027.

In London, the loan financing was led by leveraged finance partner Kate Hatcher, together with partner Carol van der Vorst, senior associates Terence Ayres and Christina Banz, and associates Kishan Mathy and Koolanna Momoh. Also in London, the high yield bond offering was led by leveraged finance and capital markets partner Haden Henderson, together with counsel Shruti Dusaj and associates Ahmed Yacout Saleh, Enzo Paganetti, David Salay and Niamh Crisp. Partner James Duncan and senior associate Charlie Marmion advised on hedging matters. The Freshfields New York team was led by partner Catalina Ford, together with associates Dax Zhang, Teresa Weiss and Andy Xu.