The London Stock Exchange is experiencing a significant wave of departures as three more publicly-traded companies agreed to takeover offers, further contributing to what has become a substantial exodus of firms from the capital’s bourse.
Bodycote, a FTSE 250 industrial services company based in Macclesfield that has been listed since 1972, accepted a £1.84bn acquisition offer from US private equity firm Veritas, concluding a bidding contest with European rival CVC. The company provides manufacturing services including heat treatment, metal joining, and protective coatings. Veritas indicated the transition to private ownership would grant the business greater operational flexibility and enable longer-term strategic planning for growth initiatives.
In separate developments, UK-based private equity firm Epiris secured a recommendation from telecoms operator Gamma Communications for a £1.1bn bid following a competitive process that also involved European buyout group Waterland. Epiris had first expressed acquisition interest in June. Additionally, Scottish energy company Capricorn agreed to a $396m acquisition by Norwegian firm DNO, ending the company’s 38-year tenure on the FTSE all-share index after initially recommending a competing offer from Genel Energy.
The three transactions are part of a broader trend affecting the LSE. Bloomberg data indicates that takeover deals removing companies from the exchange have accumulated to nearly $110bn in value during the year. This activity encompasses major transactions including easyJet’s acquisition by US private equity house Apollo, Segro’s takeover by US warehouse company Prologis valued at £14bn, and Comcast’s purchase of ITV’s broadcasting operations. Other notable deals include Intertek’s £10bn acquisition by an EQT-led consortium completed in June, Schroders’ £9.9bn sale to a US investor, and Beazley’s £8bn combination with larger rival Zurich finalized earlier in the year.
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