Temasek to buy Bridgepoint’s testing business

Temasek Holdings

SINGAPORE: Singapore state-owned investor Temasek Holdings Pte (pic) is nearing a deal to buy testing company Element Materials Technology from buyout firm Bridgepoint Group Plc for almost US$7bil (RM29.29bil), according to sources.

UK-listed private equity firm Bridgepoint began exploring a sale late last year, Bloomberg News previously reported.

The business is expected to draw interest from other buyout firms, as well as strategic investors, according to the sources at the time.

Cinven Ltd and the 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 company, which can trace its history back almost two centuries, has more than 200 laboratories globally.

Bridgepoint agreed to buy the business in 2015 from rival 3i Group Plc.

While talks are advanced, as with all deals, an agreement could still be delayed or fall apart. — Bloomberg