Sweden’s EQT will acquire molecular testing firm Qiagen for approximately €9.6 billion ($10.78 billion), the companies announced on October 21, 2026. The all-cash deal, which values the Dutch company at about $12.1 billion including net debt, ends years of takeover speculation and will take Qiagen private by mid-2027.
The transaction is being executed through Crown NL Bidco B.V., a holding company indirectly controlled by the EQT XI fund. EQT has offered €46.50 ($52.22) per share, a price that represents an 8.6% premium to the last close, according to Reuters. However, other metrics suggest a steeper climb; BioXconomy reports the offer is a 40.3% premium compared to the XETRA closing price of $37.21 on July 8, 2026, the final trading day before reports of private equity interest emerged. When compared to the three-month volume-weighted average price of $35.53 up to that same date, this premium increases to 46.9%.
Abu Dhabi and Canada Pension Funds Join EQT
EQT is not acting alone in the buyout. The bidder’s structure includes indirect participation from Luxinva S.A., a subsidiary of the Abu Dhabi Investment Authority, and CPP Investment Board Europe Inc., a subsidiary of the Canada Pension Plan Investment Board. To facilitate the deal, Clifford Chance is advising Luxinva as an indirect co-investor.
The investment marks a significant deployment for EQT XI, which has a target fund size of EUR 23 billion and a hard cap of EUR 24 billion. According to Yahoo Finance, this acquisition will result in EQT XI being 10-15 percent invested based on its target fund size. EQT XI has been activated and has started charging management fees. Meanwhile, EQT X is currently 85-90 percent invested and remains in its commitment period, though its management fees will now be based on net invested capital following the activation of EQT XI. EQT has already secured the necessary debt and equity financing, meaning the transaction is not subject to any financing conditions.
Qiagen Board Approves Move to Private Ownership
Qiagen’s board has unanimously approved the move to private ownership. Stephen Rusckowski, chairman of the supervisory board, stated that going private was the best path forward for Qiagen, its shareholders and other stakeholders
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EQT is a strong partner that shares our strategic priorities and vision for the future. It brings deep sector experience in healthcare and life sciences, a global network and operational capabilities.
Qiagen spokesperson, via BioXconomy
The deal’s finalization depends on specific acceptance levels. Marketscreener reports that the takeover offer requires a minimum acceptance threshold of 50% of outstanding share capital plus one share. Furthermore, the boards will proceed with post-closing implementation if shareholder approval reaches at least 80% of votes cast, though they retain discretion to proceed if they determine it serves the best interests of the company and stakeholders.
A History of Failed Bids and Market Volatility
This agreement concludes a long period of instability for the diagnostics specialist. Qiagen first became a primary takeover target in October 2019 following the departure of CEO Peer Schatz. In March 2020, Thermo Fisher Scientific agreed to acquire the firm for $11.5 billion, but that deal lapsed in August 2020 after failing to secure sufficient shareholder support.
The company’s valuation shifted wildly during the pandemic as demand for coronavirus testing products spiked. More recently, the stock hit six-year lows in May 2026 before recovering. Just before the official EQT announcement, BigGo Finance reported that rival KKR had also submitted an offer, which drove shares as high as 44.45 euros on the Xetra exchange. On the New York Stock Exchange, the stock reached a peak gain of 9.2 percent and finished 5.05 percent up at $48.90, which drove its market capitalization above $10 billion. In subsequent New York trading, US-listed shares rose 2.3% to $50, or €44.51. Bloomberg noted that PSquared Asset Management, one of the 25 largest shareholders, pushed for a pact exceeding $50 per share.
Qiagen Suspends 2026 Outlook Pending Deal Close
Qiagen, which serves over 500,000 customers across academia, pharma, and molecular diagnostics, has suspended its full-year 2026 outlook pending the close of the deal. The company’s most recent financial snapshot shows preliminary third-quarter net sales of $548 million and adjusted diluted earnings per share of $0.65. The transition to private ownership is intended to provide the firm with greater operational flexibility for its next growth phase. The transaction is expected to close in mid-2027.
EQT AGREES TO TAKE QIAGEN PRIVATE AT €46.50 PER SHAREQiagen signed a business combination agreement with EQT Private Equity, whose offer needs acceptance from at least 50% plus one share. Qiagen's Frankfurt and NYSE listings will end after closing, and the company suspended… pic.twitter.com/lDxjPMQtTU
Financial and Legal Advisors Support the Transaction
The transaction involved an extensive group of financial and legal advisors. For Qiagen, Moelis & Company LLC, Goldman Sachs Bank Europe SE, and Perella Weinberg Partners served as financial advisors, while legal counsel was provided by De Brauw Blackstone Westbroek N.V., Davis Polk & Wardwell LLP, and Linklaters LLP. EQT AB and EQT Partners AB were advised financially by Morgan Stanley & Co. International plc and Deutsche Bank Aktiengesellschaft, with legal support from Milbank LLP, Stibbe N.V., and Paul, Weiss, Rifkind, Wharton & Garrison LLP.
Clifford Chance provided comprehensive legal support for Luxinva S.A. Antitrust matters were handled by partners Dimitri Slobodenjuk and Philipp Girardet, senior associate Hendrik Kühn, and associate Patricia Trapp. Further assistance on capital markets and transaction aspects was provided by Axel Wittmann, partner Stefanie Ferring, and associate Thiébaud Lohisse. Freshfields LLP acted as legal advisor for CPP Investment Board Europe Inc.
This acquisition follows other recent moves by EQT, including agreements to acquire UK-listed Intertek Group Plc for £9.3 billion over the summer and Australia’s Cleanaway Waste Management Ltd for A$9.3 billion.
