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RNS Number : 8454T  Smiths Group PLC  20 February 2026

20 February 2026

SMITHS GROUP PLC
SMITHS SIGNS BINDING AGREEMENT TO SELL SMITHS DETECTION TO CVC

Further to the announcement on 3 December 2025, Smiths Group plc (Smiths)
announces that it has now entered into a binding share purchase agreement (the
SPA) for the sale of Smiths Detection to CVC Capital Partners (CVC) (the
Transaction). As announced previously, the Transaction values Smiths Detection
at an enterprise value of £2.0 billion 1 , representing 16.3x headline
operating profit of £122 million and 12.5x headline EBITDA of £160 million
for the financial year ending 31 July 2025. At completion of the Transaction,
Smiths is expected to receive approximately £1.85 billion in net cash
proceeds (after accounting for related transaction expenses and separation
costs), subject to customary adjustments by virtue of the locked box accounts
mechanism in the SPA.

Smiths announced on 3 December 2025 that it had entered into a put option deed
(the Put Option) with CVC. Pursuant to the Put Option, following the
completion of an information and consultation process with the works council
of Smiths Detection France SAS, Smiths has exercised the Put Option and has
now entered into the SPA with CVC for the sale of Smiths Detection.

The Transaction remains subject to the satisfaction of customary regulatory
approvals. All regulatory filings required under the SPA have now been made,
and clearances from certain regulatory authorities have already been received.
As previously announced, the completion of the Transaction is expected in the
second half of calendar year 2026.

ENDS

 IR contacts                                                      Media contacts

 Siobhán Andrews, Smiths Group                                    Tom Steiner, Smiths Group

 +44 (0) 7920 230093                                              +44 (0)7787415891

 siobhan.andrews@smiths.com (mailto:siobhan.andrews@smiths.com)   tom.steiner@smiths.com (mailto:tom.steiner@smiths.com)

 Ana Pita da Veiga, Smiths Group                                  Alex Le May, FTI Consulting

 +44 (0)7386 689442                                               +44 (0) 2037271340

 ana.pitadaveiga@smiths.com                                       smiths@fticonsulting.com (mailto:smiths@fticonsulting.com)
 Company Secretary

 Matthew Whyte

 +44 (0) 7775 982879

 matthew.whyte@smiths.com (mailto:matthew.whyte@smiths.com)

About Smiths Group

For 175 years, we have been pioneers of progress, engineering a better future.
Our strategy is to be a focused, efficient and value creating industrial
engineering company operating within markets aligned to attractive, long-term
growth drivers notably energy, industrials, construction and aerospace.

We focus on solving the toughest problems for our customers, helping address
critical global needs such as the ever-increasing demand for process and
energy efficiency, and decarbonisation. Listed on the London Stock Exchange,
we are present in over 50 countries worldwide. For more, visit www.smiths.com
(http://www.smiths.com) .

 

Legal Entity Identifier (LEI): 213800MJL6IPZS3ASA11

 1      The enterprise value of Smiths Detection is stated on a debt free,
cash free basis and before taking into account any adjustments required under
the terms of the Transaction, tax, and associated transaction costs.

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