Veritas Capital has secured control of Bodycote, agreeing to a recommended cash acquisition that values the London-listed engineer at approximately £1.65bn. The deal, finalized after a competitive summer auction, marks a significant shift in ownership for the thermal processing specialist. Rival bidder CVC remained active throughout the process, with both suitors lifting offers to near-identical levels before Veritas broke the deadlock.

The acquisition includes a strategic carve-out, positioning the company for future growth under new leadership. Apollo had previously made an unsolicited approach in May that did not lead to a firm bid, clearing the path for the final showdown between the two private equity houses.