MW There's a $34 billion deal in the works to create a testing and inspection giant
By Steve Goldstein
Two European testing, inspection and inspection companies are in talks on a merger that would create a dominant player in the sector potentially worth more than EUR33 billion ($34 billion).
French-listed Bureau Veritas and SGS of Switzerland, in nearly identical statements, said they are in talks on a business combination. Bloomberg News first reported the talks.
SGS stock (CH:SGSN) fell 5%, while Bureau Veritas (FR:BVI) shares rose 3%.
The combined company would be more than three times larger than the closest peer, Intertek (UK:ITRK), according to analysts at Jefferies.
Their portfolios are relatively complementary, with Veritas stronger in buildings and infrastructure and marine inspection, while SGS has a larger presence in environment, health and nutrition and natural resources, they said.
-Steve Goldstein
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(END) Dow Jones Newswires
January 15, 2025 05:22 ET (10:22 GMT)
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