Three London-listed companies agreed to be taken private on Monday, accelerating the exodus of firms from the London Stock Exchange amid a wave of overseas acquisitions.
Bodycote, a FTSE 250 industrials group specializing in heat treatment and metal coatings, accepted a £1.84 billion takeover offer from US private equity firm Veritas. The deal follows a bidding war that included rival buyout group CVC, which has not ruled out a counterbid. Bodycote’s shares rose 4.5%, the second-largest gain in the FTSE 250 on the news.
Gamma Communications, a telecoms company, recommended a £1.1 billion offer from UK private equity company Epiris, which first expressed interest in June. Epiris cited the benefits of private ownership, including greater flexibility for long-term investment and growth initiatives. The recommendation followed earlier takeover talks with European buyout firm Waterland.
Capricorn, a Scottish energy company listed for 38 years, agreed to a $396 million deal with Norwegian rival DNO after initially recommending a bid from Genel Energy. DNO’s higher offer secured Capricorn’s recommendation.
The trio of takeovers adds to a record year for UK delistings, with Bloomberg data showing $110 billion in announced deals so far in 2026. Recent high-profile exits include easyJet’s £5.7 billion takeover by US private equity group Apollo, Segro’s £14 billion acquisition by US rival Prologis, and ITV’s £1.6 billion sale of its broadcasting unit to Comcast. Earlier in the year, Schroders agreed to a £9.9 billion takeover by a US investor, while Intertek and Beazley were acquired for £10 billion and £8 billion, respectively.
Analysts warn the trend risks eroding the depth and quality of the UK equity market, which has struggled to attract new listings to offset the departures.
