London exits top $100bn this year

By the Editorial Team · Wednesday, September 2, 2026

Three companies—Bodycote, Gamma Communications, and Capricorn Energy—have agreed to takeover bids totaling over $3 billion amid a surge in dealmaking on the London stock market. This wave of acquisitions, which has pushed takeover offers beyond $100 billion year-to-date, signals strong investor interest but also a shrinking pool of publicly listed firms.

The London stock market is experiencing a significant wave of dealmaking this year, with takeover offers surpassing $100 billion and leading to a further reduction in the number of publicly listed companies. Three firms—Bodycote, Gamma Communications, and Capricorn Energy—have recently agreed to recommended takeover bids from private equity and overseas investors.

Bodycote, a provider of heat treatment and specialist metallurgical technologies originally founded in 1923 as a textile business, has agreed to a £1.7 billion takeover by Veritas Capital. The private equity firm raised its offer to 940p per share after attracting interest from multiple bidders over the summer. Following the announcement, Bodycote’s shares closed at 955p, slightly above the offer price.

Gamma Communications, a telecommunications company, has accepted a £1.02 billion bid from British private equity firm Epiris. The agreed cash offer of £11.20 per share was met with a modest share price increase, closing at £11.56.

Edinburgh-based Capricorn Energy, an oil and gas company, has recommended a $396 million takeover from the Norwegian oil and gas operator DNO, which focuses on the Kurdistan region. DNO’s offer surpassed a rival bid from Genel Energy, and Capricorn’s shares rose 10.2% to close at 378p following the announcement.

Data from AJ Bell show that takeover proposals on the London market have now reached $104 billion so far this year, more than double the $41.6 billion recorded in the previous year. This surge follows earlier notable bids for companies such as Schroders, Beazley, easyJet, and Segro, highlighting continued strong investor appetite for UK-listed firms.

Henrik Persson, head of public mergers and acquisitions at British investment bank Cavendish, described the trend as “bittersweet.” While the departure of valued companies from the market reduces the number of publicly traded firms, he noted it underscores the presence of high-quality businesses attractive to investors.

Analysts and market participants will be watching how this wave of consolidation affects liquidity and investor choice on the London stock exchange moving forward, as private equity and foreign buyers increasingly shape the capital market landscape.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.