Corrected: UPDATE 1-Veritas Capital wins race for UK's Bodycote with $2.5 billion offer

Apollo Global Management

01/09/2026 07:35

Corrects paragraph five to remove incorrect reference to StandardAero being a part of Veritas' existing portfolio. The company sold it in 2019.
Sept 1 (Reuters) - U.S.-based private equity firm Veritas Capital agreed on Tuesday to buy Britain's Bodycote BOY.L in a £1.85 billion ($2.51 billion) debt-inclusive deal, outbidding CVC in a contest that also saw Apollo Global APO.N walk away earlier this year.
Bodycote is a thermal processing services provider serving the aerospace, defence and industrial sectors.
The 940 pence-per-share offer comprises 932.8 pence in cash plus a 7.2 pence interim dividend that shareholders will retain, and represents a premium of about 34.5% to Bodycote's share price before takeover speculation first emerged in May.
Bodycote's board has unanimously recommended the deal.
Veritas, which manages about $54 billion in assets and has completed more than 145 acquisitions since its founding in 1992, said Bodycote's exposure to aerospace, defence and performance industrial markets aligned closely with its existing portfolio, which includes aeroengine technology firm Chromalloy.
     
($1 = 0.7383 pounds)

 (Reporting by Yamini Kalia and Amna Mariyam in Bengaluru; Editing by Ronojoy Mazumdar and Sherry Jacob-Phillips)
 ((Yamini.Kalia@thomsonreuters.com))