Private equity powerhouse Apollo Global Management has made a bold conditional cash offer to acquire British industrial services company Bodycote, in a deal that would value the company at more than $2 billion and potentially take it private.

Under the proposal, Bodycote shareholders would receive 885 pence per share in cash, plus a final dividend of 16.1 pence per share for the 2025 financial year, subject to approval at the upcoming annual general meeting.

Bodycote said the offer follows several previous proposals from Apollo, and that talks between the two sides are continuing. However, the company emphasized there is no guarantee a formal offer will be made or that any transaction will ultimately proceed.

Apollo has until June 19 to either make a firm bid or walk away under U.K. takeover rules, unless the deadline is extended.

Bodycote specializes in heat treatment and surface engineering services for high-performance metal components used in aerospace, automotive, and energy markets. Apollo, through its flagship buyout fund, has been actively targeting stable, cash-generative industrial businesses with strong operational improvement potential.

This move signals Apollo’s continued appetite for quality industrial assets in Europe, particularly those tied to critical supply chains like aerospace. For Bodycote, a well-established player with solid fundamentals, going private under Apollo’s ownership could mean greater flexibility to invest and optimize operations away from public market scrutiny.

Shareholders now face an attractive premium offer, while the coming weeks will determine whether this develops into a full takeover or remains in the realm of speculation. The deal, if completed, would represent one of the more significant private equity transactions in the UK industrial sector in recent times.