Temasek to acquire Bridgepoint's UK-based testing firm for $7 billion -sources

SINGAPORE :Singapore's Temasek Holdings has agreed to buy Element Materials Technology for about $7 billion, as it sees an opportunity to boost growth at the testing and inspection services provider, two sources familiar with the matter said.

State investor Temasek, which acquired a significant minority stake in Element in 2019, is buying the company from London-listed buyout firm Bridgepoint Group and an announcement could be made as early as Monday, one of the sources said. The buyout will be one of the biggest ever deals by Temasek and a rare controlling-stake transaction by the investor, which reported a 25per cent rise in its portfolio value to a record S$381 billion in the year ended March 2021.Temasek declined to comment, while there was no immediate response from Bridgepoint and Element Materials to a Reuters query sent outside regular business hours.

Element's 7,000 scientists, engineers and technologists work in its global network of more than 200 laboratories.

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