Veritas Capital, a U.S.-based private equity firm, has agreed to acquire Bodycote Plc, a British industrial heat treatment specialist, for approximately £1.65 billion ($2.2 billion). The deal, announced on September 1, 2026, involves Veritas paying 940 pence per share in cash, valuing Bodycote at £1.85 billion when including debt. This offer surpasses previous bids from both Veritas and CVC Advisers Ltd., with CVC still considering its options and advising shareholders to await further developments.
Bodycote’s board has unanimously recommended the offer, highlighting the premium it represents over the company’s recent share prices. The acquisition is set to be executed through a court-sanctioned scheme of arrangement under Part 26 of the UK Companies Act 2006, requiring approval from shareholders representing at least 75% of the value of those voting at a court meeting, as well as a separate general meeting. The deal is subject to competition and regulatory clearances and is expected to close in the first quarter of 2027.
Bodycote, headquartered in Macclesfield, England, operates approximately 130 facilities across 22 countries, employing about 4,000 staff. The company provides heat treatment and specialist thermal processing services to sectors including aerospace, defense, automotive, energy, and general industrial markets. Veritas Capital, managing approximately $54 billion in assets, intends to support Bodycote’s management in accelerating the company’s strategic plan while operating as a private entity with a longer-term investment horizon.
Daniel Dayan, Chair of Bodycote, stated, “The Bodycote Board believes that this offer from Veritas reflects the high quality of Bodycote’s business and management, and delivers shareholders excellent value in cash.” He expressed confidence in Veritas’s ability to support Bodycote’s strategic focus on its most attractive markets. James Dimitri, Partner & Co-Head of Flagship Private Equity at Veritas, commented, “We admire what Bodycote and its talented employee base have built, and we look forward to leveraging our deep sector experience and track record of partnering with leading companies in the performance industrial supply chain to support Bodycote’s continued development and unlock a new chapter of growth.” ([newsnreleases.com](https://newsnreleases.com/2026/09/01/veritas-capital-agrees-to-acquire-bodycote-for-1-65-billion/?utm_source=openai))
The acquisition follows a competitive process that also involved CVC Capital Partners, which had submitted a proposal of 915 pence per share on August 5, slightly higher than Veritas’s initial bid of 914 pence. An earlier unsolicited proposal from Apollo Global Management in May was later withdrawn. ([newsnreleases.com](https://newsnreleases.com/2026/09/01/veritas-capital-agrees-to-acquire-bodycote-for-1-65-billion/?utm_source=openai))
Barclays, Goldman Sachs, and Gleacher Shacklock are advising Bodycote’s board, with Gleacher Shacklock providing independent financial advice under UK takeover rules. The transaction is subject to competition and regulatory clearances and is expected to close in the first quarter of 2027. ([newsnreleases.com](https://newsnreleases.com/2026/09/01/veritas-capital-agrees-to-acquire-bodycote-for-1-65-billion/?utm_source=openai))