Bodycote plc (LSE:BOY) agreed to acquire Stack Metallurgical Group, Inc. on October 6, 2023. In a related transaction, Bodycote agreed to acquire Lake City HT on October 6, 2023. The combined gross consideration for the acquisitions is $145 million on a cash and debt free basis. The transactions will be funded out of existing Group credit facilities. The transaction is subject to regulatory clearance. They will be accretive to Group margins and earnings per share from the first year post completion. Lazard acted as financial advisor to Bodycote.

Bodycote plc (LSE:BOY) cancelled the acquisition of Stack Metallurgical Group, Inc. on January 22, 2024. The cancellation is due to a failure to satisfy all closing conditions to the agreement.