Private equity keeps picking off London-listed firms – and Westminster barely notices
Summary
The US private equity firm Veritas has agreed to buy the UK industrial company Bodycote for about £1.65 billion. Bodycote, which provides heat treatment and metal technology services, has been successful in its strategy, but the sale marks another example of UK firms moving out of London’s stock market.Key Facts
- Bodycote is a UK-based firm specializing in heat treatment and metallurgical technologies.
- The company is being bought by the American private equity firm Veritas for £1.65 billion, or £1.85 billion including debt.
- A competing bid from the European firm CVC is still possible, as the market expects a higher offer.
- Bodycote’s share price offer is about 25% above its value before the bid, which is considered modest by analysts.
- Bodycote has been following a successful business plan since late 2024, focusing on aerospace and defense sectors.
- The company has maintained steady dividends for 38 years and spent £120 million on share buybacks.
- Recent bids and buyouts show a trend of UK-listed companies being bought by foreign private equity groups.
- Other UK companies like Gamma Communications and Capricorn have also recently left the London market after buyouts.
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