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EQT$EQT · filed: grew revenue 63.9% in FY2025 to $8.6BWeathered boatTrillion Score 473Fall Risk HighNext year $5.8B–$19.7B sealedCheck ▾Close ▴
What EQT filed
Grew revenue 63.9% in FY2025 to $8.6 billion, operating margin 37.6% against a 16.8% median for crude petroleum & natural gas, equity 56.8% of assets, and dividend per share up 4 years running. Every figure links to the filing it came from on EQT’s card. Weathered boat: two warning signs. Trillion Score 473, #38 of 49 in its field; Fall Risk High (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $5.8B and $19.7B, an 80% range sealed on 26 Sept 2026 · receipt #7727f6 · graded in public by the revenue in EQT’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
EQT is operating **$16.3B** in parallel acquisitions across Japan and the UK, the largest dual deployment in the firm's history.
$3.6 billion
acquisition of Kakaku
$12.7 billion
takeover bid
$16.3 billion
in enterprise value across Asia and Europe
$4.1 billion
acquisition of Solarwinds in 2024
EQT announced the formation of a three-firm legal syndicate to execute its $3.6 billion acquisition of Kakaku.com, Japan's dominant consumer price-comparison platform, while simultaneously disclosing that Britain's Intertek Group is set to accept EQT's $12.7 billion takeover bid. The Stockholm-based firm is now operating two concurrent transactions totaling $16.3 billion in enterprise value across Asia and Europe, the largest parallel deployment in EQT's thirty-year history.
The Kakaku.com deal team includes Simpson Thacher & Bartlett as lead M&A counsel, Nishimura & Asahi for Japanese regulatory clearance, and Linklaters for cross-border structuring. The three-firm configuration mirrors the syndicate EQT deployed for its $4.1 billion acquisition of Solarwinds in 2024, suggesting the firm views Kakaku as requiring similar multi-jurisdictional coordination. Kakaku.com operates Japan's largest price-comparison engine with 42 million monthly active users and owns Tabelog, the restaurant-review platform that commands 68% of the Japanese dining-discovery market. The target generates approximately ¥87 billion in annual revenue with EBITDA margins near 31%, unusual profitability for a consumer internet asset at scale.
The Intertek bid, valued at £9.4 billion or $12.7 billion, targets the London-listed testing and certification group that operates 1,000 laboratories across 100 countries. Intertek's board is expected to formally recommend acceptance within seventy-two hours, according to sources familiar with the deliberations. The company provides quality assurance and safety testing for consumer goods, industrial products, and food supply chains, generating £3.2 billion in revenue with operating margins near 17%. EQT's interest centers on Intertek's recurring revenue model—approximately 74% of sales come from multi-year contracts with Fortune 500 manufacturers—and the structural tailwind from increased regulatory scrutiny in both the EU and U.S. markets.
The simultaneous execution of two deals above $3 billion each signals EQT's shift from opportunistic buyouts to programmatic infrastructure acquisition. The firm raised $22 billion across three funds in the twelve months ending March 2026, the largest capital raise in European private equity since Blackstone's $26 billion close in 2022. EQT's deployment pace has accelerated from $8.4 billion in 2024 to a projected $19 billion in 2026, concentrating on assets with regulatory moats, subscription revenue, and Asia-Pacific exposure. The Kakaku and Intertek acquisitions fit a pattern: both targets hold market-leading positions in fragmented sectors, both generate cash conversion above 85%, and both operate in jurisdictions where EQT has established limited partner relationships that reduce financing friction.
Allocators should monitor three follow-on events. First, Japanese antitrust review timelines for the Kakaku transaction, expected to extend nine to eleven months given the platform's dominance in consumer comparison and restaurant discovery. Second, EQT's next capital call to the $15.6 billion EQT X fund, likely within sixty days to fund the Intertek acquisition's equity portion. Third, potential syndication of the Intertek debt package, estimated at $7.2 billion, which will test European leveraged loan appetite at a moment when covenant-lite issuance has declined 34% year-over-year.
EQT now has $16.3 billion in announced acquisitions working through regulatory clearance, with final closes expected in Q4 2026 and Q1 2027, the exact window when the firm's largest fund will need to demonstrate deployment velocity to justify its next raise.
Branded by POPS4 · proof in 60 seconds
For the principal
Monitor EQT's next capital call within sixty days; dual deployment at this scale signals aggressive fund-level pacing worth tracking.
For the operator
Watch Japanese antitrust timelines on Kakaku—nine to eleven months—and the Intertek debt syndication as a European loan-market bellwether.
For the house
Long EQT secondaries in Q3; these closes will tighten pricing on European PE exposure before the next vintage launches.
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