Veritas Capital Agrees to Buy Bodycote for £1.65 Billion

Veritas Capital, a U.S. private equity firm, has agreed to acquire British industrial heat treatment specialist Bodycote Plc for approximately £1.65 billion. The deal values the company at £1.85 billion when including debt and involves a cash payment of 940 pence per share.

Veritas raised its bid to surpass a competing offer from CVC Advisers Ltd. While the agreement is in place, CVC retains the option to submit a higher bid for the company. Bodycote specializes in metal coating and treatment services for sectors such as aerospace, focusing on improving component resistance to wear and extreme temperatures.

The acquisition follows a broader trend of global buyers acquiring United Kingdom companies, a pattern that has contributed to a decline in listings on the London Stock Exchange. Lazard advised Veritas Capital on the bid, while Barclays and Goldman Sachs Private Wealth Management provided financial advisory services to Bodycote.