UK industrials group Bodycote has agreed to a £1.84bn takeover from US buyout firm Veritas, marking the latest London-listed group acquired by private equity. Bodycote accepted a proposal valuing its shares at 940p each, up from a previous Veritas bid of 914p. Veritas competed with rival buyout group CVC, which last month submitted a bid valuing Bodycote at up to 915p.

The agreement will take Bodycote, listed in 1972, off the London market as buyout groups hoard UK-listed companies, including those in industrial and engineering sectors. Bodycote offers heat treatment for manufacturing, metal joining, and protective metallic coatings. "Veritas believes that Bodycote represents an attractive opportunity to acquire a leading global provider of metal technology solutions," the companies stated. "As a private company under Veritas’ ownership, Bodycote will benefit from enhanced flexibility and long-term perspective to support continued investment in the business and pursue targeted organic and inorganic growth opportunities.".