Surge of Takeovers Accelerates Exodus from the London Stock Exchange

Bodycote, the FTSE 250 industrials group listed since 1972, accepted a £1.84 billion offer from US private-equity firm Veritas. At the same time, telecoms company Gamma Communications recommended a £1.1 billion bid from UK private-equity house Epiris, and Scottish energy firm Capricorn agreed to a $396 million sale to Norway’s DNO, ending its 38-year presence on the FTSE all-share index. The wave includes easyJet’s £5.7 billion takeover by US private-equity Apollo, Segro’s £14 billion sale to US rival Prologis, ITV’s broadcasting arm to Comcast for £1.6 billion, Schroders to a US investor for £9.9 billion, Intertek to a consortium led by Sweden’s EQT for £10 billion, and insurer Beazley to Zurich for £8 billion.

The Guardian

These transactions add to an exodus that has already seen companies leave the London market in deals totalling almost $110 billion, according to data compiled by Bloomberg. The trend reflects a broader pattern of overseas investors targeting UK-listed firms, raising concerns about the breadth and quality of the domestic market.

The Guardian

• Bodycote: £1.84 bn (Veritas)

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• Gamma Communications: £1.1 bn (Epiris)

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• Capricorn: $396 m (DNO)

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• easyJet: £5.7 bn (Apollo)

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• Segro: £14 bn (Prologis)

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• ITV broadcasting: £1.6 bn (Comcast)

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• Schroders: £9.9 bn (US investor)

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• Intertek: £10 bn (EQT-led consortium)

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• Beazley: £8 bn (Zurich)

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• “Bodycote shareholders are strongly advised to take no action in response to the Veritas offer in the meantime.” — Veritas

The Guardian

• “Overseas acquirers continue to feast on the UK market like hungry customers at an all-you-can-eat buffet,” — Russ Mould, the investment director at AJ Bell

The Guardian