Swedish private equity group EQT has agreed to buy Qiagen, the German-Dutch maker of diagnostics and life-science tools, in an all-cash deal that values the company at about €10.8 billion (about $12.1 billion) including debt. The offer was announced late on 21 October 2026 and recommended by Qiagen's boards.
The deal at a glance
| Item | Detail |
|---|---|
| Offer price | €46.50 per share, in cash |
| Enterprise value | About €10.8bn (~$12.1bn), including about $1.1bn of net debt |
| Equity value | About €9.6bn, as reported by Bloomberg |
| Premium | 40.3% over the €33.15 close on 8 July, before bid speculation; 8.6% over the latest close |
| Buyers | EQT XI fund, with co-investors Luxinva (part of ADIA) and CPP Investments |
| Acceptance threshold | 50% plus one share |
| Expected closing | Mid-2027 |
Sources: Qiagen, GEN and Private Equity Wire.
Market reaction
Qiagen shares rose about 5% on Xetra to €44.94, and Bloomberg reported intraday gains of up to 6.2% in Frankfurt. Qiagen suspended its full-year guidance because of the deal. If the deal has not closed within 10 months, Qiagen may pay an interim dividend of up to $0.47 a share.
Second time lucky?
Qiagen has been a takeover target before. In 2020, Thermo Fisher offered $11.5 billion, later raised to $12.5 billion, but the deal failed when only 47% of shares were tendered against a two-thirds threshold, according to GEN. This time the acceptance threshold is much lower, at just over 50%. Private Equity Wire reported that KKR also made an offer during the sale process.
What the companies say
"This transaction offers shareholders compelling value," said Qiagen chairman Stephen Rusckowski. Chief executive Jonathan Pratt said that under private ownership "we can move faster." Qiagen, which employs about 5,400 people, will keep its brand. The deal still needs merger-control and foreign-investment clearances.
Private equity's European push
It is one of Europe's largest healthcare buyouts of 2026. EQT has been especially active this year, with other big deals including testing company Intertek (£9.3bn) and Australian waste firm Cleanaway (A$9.3bn), according to Private Equity Wire.
