Business & Finance
Veritas agrees to acquire UK industrial firm Bodycote in £1.65 billion deal
US buyout firm Veritas moves to take the metallurgical service provider private as European rival CVC considers a competing bid.
The short version
- US private equity firm Veritas agreed to acquire UK metallurgical services provider Bodycote for £1.65 billion, or 940p per share.
- The purchase, which totals £1.85 billion including debt, would end Bodycote's 54-year listing on the London Stock Exchange.
- European private equity firm CVC is considering a rival bid after Bodycote shares closed above the offer price at 955p.
Key facts
- Veritas agreed to acquire Bodycote for 940p per share, valuing the company's equity at £1.65 billion and enterprise value at £1.85 billion including debt.[The Guardian]
- Bodycote employs 4,000 people across 130 facilities in 22 countries providing heat treatment and specialist metallurgical services.[The Guardian]
- Bodycote shares closed at 955p following the acquisition announcement, exceeding Veritas's 940p per share offer price.[The Guardian]
- The potential takeover would conclude Bodycote's 54-year presence on the London Stock Exchange.[The Guardian]
- Telecoms company Gamma Communications and Scottish energy firm Capricorn also announced market departure deals valued at £1.1 billion and £292 million, respectively.[The Guardian]
What remains uncertain
- Whether CVC will formalize a competing takeover bid for Bodycote remains unconfirmed.[The Guardian]
Sources
- Private equity’s London takeover spree goes on – and the politicians ignore itThe Guardian - World