Singapore state fund buys UK tech firm for US$7 billion

Singapore’s state investment fund Temasek is acquiring a British tech firm that tests materials in a wide range of industries to ensure they are sustainable, in a deal reportedly worth US$7 billion.

Temasek agreed on Tuesday to buy Element Materials Technology from private equity firm Bridgepoint, saying the deal would enable it to offer customers more environmentally-friendly product solutions.

“We are pleased to continue our relationship with Element as it works with its customers and explores greater opportunities to be part of their decarbonisation and sustainability journeys,” said Uwe Krueger, who is Temasek’s head of industrials, business services, energy and resources.

Global operator Element Materials assesses cutting-edge technology across a wide variety of sectors, including aerospace, connected technology, life sciences, energy transition and transportation.

The group on Tuesday said it was “well positioned” to accelerate its growth under Temasek’s ownership.

Element chief executive Jo Wetz noted the group had increased staff numbers and locations tenfold in the past decade to more than 7,000 and 200, respectively.

The companies did not give a figure for the transaction, but a source close to the matter told AFP the purchase price was close to the US$7 billion quoted by media.

Temasek was already a minority shareholder of Element.