Intertek agrees to Moody deal

Safety services company Intertek has agreed to acquire Moody International for $730 million (£450 million).

UK-headquartered Moody provides quality and safety services to the oil and gas industry as well as having clients in the power, mining and construction markets.

As part of the deal, Moody will join the Industrial Services division of UK-based Intertek, and Moody’s chief executive officer, Brendan Connolly, will remain as part of the management team.

Wolfhart Hauser, chief executive officer of Intertek comments: ‘The combination of Moody and Intertek provides a platform for the enlarged group to further develop its service offerings and network within the oil and gas industries.

‘The good match between the geographic exposure of the two businesses gives Intertek scale in new countries and the enlarged group a greater presence in the fastest growing regions of the world.’

Moody is currently owned by companies controlled by Investcorp Securities Limited, and the management of Moody.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital. Connect with...

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