Advent Agrees to Acquire UK’s Spectris in £3.8 Billion Deal (1)

A consortium led by buyout firm Advent reached an agreement to buy Spectris Plc, a UK maker of precision and testing equipment and software, for about £3.8 billion ($5.1 billion).

Advent is offering £37.63 in cash, including a proposed interim dividend of £0.28 per share, according to a statement on Monday. The bid is unchanged from Advent’s preliminaryproposal announced earlier this month and represents a 85% premium to Spectris’s closing price on June 6, the last trading day before Bloomberg News first revealedAdvent’s interest.

Canada Pension Plan Investment Board and Singapore sovereign wealth fund GIC Pte are ...