CVC Capital Partners Fund IX managed by CVC Capital Partners plc (ENXTAM:CVC) entered into an agreement to acquire Smiths Detection Group Ltd. from Smiths Group plc (LSE:SMIN) for £2 billion on December 3, 2025. The purchase price is subject to customary adjustments and is is stated on a debt free and cash free basis.

In the financial year ended 31 July 2025, Smiths Detection generated revenue of £963 million, headline EBITDA of £160 million, headline operating profit of £96 million, net income of £48 million, had total assets of £1,650 million and net assets of £1,088 million.

The transaction is subject to customary regulatory approvals and completion of information and consultation processes with the works council of Smiths Detection France SAS and it is expected to close in the second half of 2026. It is intended that a large portion of the net cash proceeds from the proposed transaction will be returned to shareholders and that any remaining net cash proceeds will be used to invest in organic and inorganic growth for the streamlined Smiths. It has engaged with the trustees of the Smiths Industries Pension Scheme and the TI Group Pension Scheme to discuss the use of net cash proceeds of the strategic transactions and it does not currently anticipate any requirement to allocate any net cash proceeds of sale to either the Smiths Industries Pension Scheme or the TI Group Pension Scheme.

Barclays Bank PLC acted as financial advisor and Latham & Watkins (London) LLP acted as legal counsel to CVC. Freshfields LLP acted as legal advisor and Mark Sorrell, Charlie Lytle, Nick Harper and Harry Webster of Goldman Sachs International and Richard Perelman, Alex Bruce, Charles Oakes and Mayank Chaturvedi of J.P. Morgan Securities plc acted as financial advisors to Smiths.