Spectris, the UK-based scientific instruments maker, has agreed to an improved acquisition proposal from U.S. private equity giant KKR, valuing the company at £4.7 billion ($6.46 billion) including debt, both firms announced Wednesday.
In a decisive move, Spectris’ board withdrew its prior support for Advent’s £4.4 billion offer, instead backing KKR’s higher bid. The improved proposal underscores intensifying competition among private equity firms to secure high-quality industrial assets in Europe.