Qiagen agrees to go private with €10.8B takeover by EQT
Swedish private equity firm EQT wants to acquire diagnostics specialist Qiagen for €10.8 billion, or €46.50 per share. The company’s leadership unanimously supports the sale. Completion is planned for mid-2027 if more than 50% of shareholders agree.
The months-long takeover negotiations surrounding Qiagen have reached a swift conclusion after speculation intensified yesterday that a bidding war between EQT and KKR could emerge. Now a decision has already been reached: The German-Dutch diagnostics specialist and EQT Private Equity have agreed on a voluntary public all-cash takeover offer. The offer price is €46.50 per share. This implies an enterprise value of around €10.8 billion, or $12.1 billion, including net debt. The price is 40.3% above the unaffected Xetra closing price on July 8, 2026, before takeover interest from private equity firms was first publicly reported.
Whether KKR actually submitted a competing bid and what role the U.S. investor played most recently are no longer decisive for the transaction now agreed upon. According to Qiagen, its governing bodies considered both strategic buyers and private equity firms and unanimously endorsed the agreement with EQT.
Why it matters: Qiagen explains the move by pointing to the opportunities that are expected to open up as a privately held company. Private ownership is intended to facilitate long-term investments and give management greater flexibility in implementing its strategy. The supervisory board and management board see this as the best option for the next phase of growth — including compared with continuing as an independent publicly listed company.
What they’re saying: The company’s leadership commented on this landmark decision. Jonathan M. Pratt, chief executive officer of Qiagen, said: “Since joining QIAGEN, I have seen firsthand the quality of our people, technologies and customer relationships. I also see clear opportunities to build on those strengths and do more for customers. Under private ownership, we can move faster and have greater freedom to put resources behind the most attractive opportunities that align best with our long-term strategy. That can help us grow the business in line with our priorities and create more opportunities for our people to innovate, develop their careers and help shape the future of QIAGEN.”
Qiagen CFO Roland Sackers commented: “This agreement provides our shareholders with an attractive premium while giving QIAGEN a strong partner that shares our strategic priorities and vision for the future. With EQT’s support and resources, we will strengthen our ability to pursue new opportunities and expand our capabilities, building on the excellent foundation our teams have created.”
Also notable: EQT is not investing alone. The consortium includes Luxinva, a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), and CPP Investment Board Europe, a subsidiary of Canadian pension fund manager CPP Investments. Alongside the private equity firm, long-term institutional investors therefore stand behind the transaction.
EQT points to its experience in the healthcare and life sciences sector. Its portfolio includes or has included SPT Labtech, Galderma, Parexel, Aldevron, Dako and HemoCue, among others. For Qiagen, EQT promises further investments in product innovation and growth.
Backstory: The interest comes as no surprise. Back in January, Qiagen had strategic options reviewed amid renewed takeover interest. At the time, there was talk of initial discussions with potential buyers. In July, EQT, KKR and Advent were again named as potential interested parties.
Brand, research and locations to remain: As part of the agreement, EQT has made commitments regarding Qiagen’s long-term development. These cover strategy, business, brands, operational presence, research and development, employees and financing structure, among other areas. The company is to continue operating under the Qiagen name after completion.
This is significant for a group with a global presence and close ties to Germany’s life sciences ecosystem. Qiagen operates in sample preparation, molecular diagnostics and life sciences research. Its technologies are used in both clinical laboratories and pharmaceutical research. A change of ownership on this scale therefore also raises the question of how investment priorities, product development and decisions about locations could change over the long term. No specific additional investment programs or changes to locations have been announced.
What’s next: The agreement does not yet constitute a completed takeover. The offer is subject to several conditions. These include a minimum acceptance threshold of 50% of the outstanding share capital plus one share, the necessary resolutions at an extraordinary general meeting, and antitrust and foreign investment approvals. Completion is expected in mid-2027.
For shareholders, the offer provides a substantial premium over the share price before the takeover interest became known. For Qiagen, the agreement also marks the beginning of the transition to a new ownership structure. Whether the promised greater strategic flexibility actually leads to faster innovation and additional growth will only become clear in the coming years.
