Singapore based state holding firm owned by the Government of Singapore Temasek Holding Ltd has reached an agreement to acquire Element Materials Technology (LON: BPTB) in a deal worth $7 billion.
Element Materials is a global provider of testing, inspection and certification services for materials and products. Insider sources have revealed that Temasek has seen an opportunity to boost growth at the Element Materials.
Element Materials has 7,000 engineers, technologists and scientists working on its global network which has over 200 laboratories.
Back in 2019, Temasek acquired a minority stake in Element Materials. Nonetheless, Temasek will now be buying Element Material from its current owner British private investment company Bridgepoint Group Plc. (LON: BPT).
This buyout will go down as one of the biggest ever deals by Temasek and a rare controlling stake transaction by the investor. For the financial year ended March 2021, Temasek reported a 25% increase in portfolio value to a record $283 billion (S$381 billion).