Three FTSE 250 firms announce private‑equity buyouts as LSE exodus accelerates
On the first trading day after the summer break, three FTSE 250 companies disclosed plans to be taken private, underscoring a growing trend of listings leaving the London Stock Exchange.
On Tuesday, three FTSE 250 constituents revealed they will exit the London Stock Exchange after receiving all‑cash offers that together value the businesses at more than £3bn. The announcements came on the first day of trading following the summer holiday, signalling a swift acceleration of the market’s recent outflow.
Private‑equity bids intensify
Bodycote, a Macclesfield‑based metallurgy specialist listed since 1972, agreed to a £1.9bn deal with US private‑equity firm Veritas Capital. The offer of 932p per share represents a 41.4 per cent premium to the 12‑month average price of 659.5p. Veritas had previously approached the company alongside rival CVC, but was rebuffed until now.
Gamma Communications, a FTSE 250 telecoms provider, recommended a £1.1bn all‑cash bid from UK private‑equity house Epiris. The proposal, made a day before a Takeover Panel deadline, carries a 53 per cent premium to the pre‑announcement share price. Earlier talks with Irish‑based buyout firm Waterland fell through after Waterland attempted to split the business with telecoms group Giacom.
Capricorn Energy signed an agreement with Norwegian rival DNO for $396m (£292m), ending a 38‑year presence on the London market. The Scandinavian offer topped a competing proposal from Genel Energy by $36m, prompting Capricorn to switch its recommendation.
Implications for the London market
Industry observers see the moves as a clear signal that private‑equity capital remains eager to acquire UK mid‑caps, even as the exchange struggles to attract new listings.
"Any hope that the steady leak of FTSE companies to overseas buyers has stopped will have been dashed by this morning’s trio of announcements," said Chris Beauchamp, chief market analyst at IG.
Beauchamp added that the pace of takeovers mirrors the high‑profile privatisation of EasyJet earlier this year, highlighting a broader shift in where companies choose to list. With major names such as Schroders, Beazley and Intertek already departing in 2026, the market faces a critical juncture.
Looking ahead, the London Stock Exchange is likely to double down on incentives for domestic listings while monitoring the impact of foreign‑owned private‑equity funds on UK corporate governance. The outcome may shape the city’s financial‑services narrative for years to come.
