Bodycote, headquartered in Macclesfield, England, UK, has agreed the terms of a recommended cash acquisition by Vulcan Alpha Bidco Limited, a newly formed company owned by US investment firm Veritas Capital Fund Management. The offer values Bodycote’s issued and to-be-issued share capital at approximately £1.65 billion, with an implied enterprise value of around £1.85 billion.

Bodycote is a global provider of heat treatment and specialist thermal processing services, operating approximately 130 facilities in 22 countries and employing around 4,000 people.