Squire Patton Boggs has advised leading industrial technology company Smiths Group plc (Smiths) on the proposed sale of Smiths Detection to CVC Capital Partners. The proposed transaction values the Smiths Detection division at an enterprise value of £2billion. Completion is expected in the second half of 2026, subject to consultation and the customary regulatory approvals.
The multidisciplinary Squire Patton Boggs team advising Smiths was led by Corporate partner Fergus Gallagher in the UK, assisted by Frankie Cooke and Matthew Vautrey. The large team involved lawyers from the firm’s offices in France, Germany and the US, in particular drawing on the specialist sector experience of International Trade and Foreign Investment partners Karen Harbaugh and George Grammas in Washington DC.
Smiths is a global leader in engineering. As announced in January 2025, the Group is strategically focused on its world-class John Crane and Flex-Tek businesses. This current transaction, designed to maximise value creation, unlock portfolio value and enhance returns to shareholders, repositions Smiths as a high-performance industrial engineering company focused on technologies in flow management and thermal solutions with high customer-centricity, leading positions in attractive, growing segments and a strong financial profile.
Fergus Gallagher said, “We are pleased to assist Smiths Group in securing a key action of its long-term strategic plan and our thanks go both to the excellent team at Smiths for their guidance and collaboration and to the multi-skilled lawyers across our firm who worked hard to help deliver this deal.”
Relationship Partner Andrew Stones commented, “We’re delighted to support our longstanding and valued client Smiths on an important strategic transaction that marks a milestone in the business. Our excellent Corporate team was backed by remarkable colleagues including those with in depth knowledge of the security and defence technology sectors to provide the best advice on the sale of Smiths Detection. We look forward to seeing Smiths continue to thrive with its growth in successful high performance technologies.”
