Veritas Capital agreed to buy Bodycote Plc for around £1.65 billion ($2.2 billion), after raising its bid to trump CVC Advisers Ltd. The US private equity firm will pay 940 pence per share in cash for the British industrial heat treatment specialist, it said Tuesday. Including debt, the deal values Bodycote at £1.85 billion. Veritas Capital, a New York-based private equity firm, outbid CVC Advisers Ltd. to secure the acquisition of Bodycote, a UK leader in thermal processing services.

The transaction reflects growing interest in industrial infrastructure assets amid rising demand for advanced manufacturing support. Bodycote operates across Europe, North America, and Asia, providing heat treatment, metal joining, and surface engineering solutions to aerospace, automotive, and energy sectors.