What's happened
The London market sees notable shifts as easyJet joins the FTSE 100 after a private equity bid boosts valuations, while easyJet's removal from the index could signal broader capital outflows. Bodycote is taken private by Veritas, and Gamma Communications along with Capricorn face delisting, reflecting a wave of deals that remove firms from London’s public markets.
What's behind the headline?
Market shifts and implications
- EasyJet’s promotion to the FTSE 100 follows a trading period of gains and a high-profile takeover bid; this marks a rare top-line move into the premier index, but the firm could exit if the private equity deal completes.
- Bodycote’s sale to Veritas represents a broader trend of private equity firms acquiring London-listed assets, eroding public market depth and potentially altering long-term corporate governance and investment clarity.
- Gamma Communications and Capricorn are slipping toward private ownership as deal activity surges, signaling a dual risk: higher funding flexibility for private owners and diminished visibility for public investors.
- Analysts see the value in Delek’s stake in Ithaca Energy as indicative of North Sea players attracting buyout pressure, while investors weigh the impact of tax changes on UK gambling groups like Entain.
- The pace of exits could pressure the London market to innovate capital-raising tools to retain listings and maintain liquidity for remaining players.
How we got here
The latest round of quarterly index reshuffles has trimmed the FTSE 100 by removing Persimmon and Entain, while promoting Ithaca Energy and easyJet. The rising tide of private equity activity is accelerating a broader retreat of UK-listed companies into private ownership, with multiple sell-offs driving the exodus noted by market commentators.
Our analysis
Independent reports on the FTSE reshuffle and private equity bids, including easyJet’s 5.7 billion takeover by Apollo; Guardian coverage of Bodycote’s sale to Veritas and Gamma/Capricorn delistings; Financial commentary on London market exodus and implications for investors.
Go deeper
- Are UK-listed companies being pushed to private equity ownership more often now?
- What will happen to share liquidity as more firms leave the London market?
- Which sectors are most vulnerable to delisting in the near term?
More on these topics
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Bodycote - Company
Bodycote plc is a supplier of heat treatments, metal joining, hot isostatic pressing and coatings services. Based in Macclesfield, United Kingdom, it is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.
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CVC Capital Partners - Investment Advisory Firm
CVC Capital Partners plc is a Jersey-based private equity and investment advisory firm with approximately €205 billion of assets under management and approximately €157 billion in secured commitments since inception across American, European, and Asian private equity, secondaries, credit funds and infrastructure. As of 31 December 2021, the funds managed or advised by CVC are invested in more than 100 companies worldwide, employing over 450,000 people in numerous countries. CVC was founded in 1981 and, as of 31 March 2022, has over 850 employees working across its network of 25 offices throughout EMEA, Asia and the Americas. In 2023, it raised the largest ever raised private equity fund globally at €26 billion. In June 2025, CVC Capital Partners ranked sixth in Private Equity International's PEI 300 ranking among the world's largest private equity firms.
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United Kingdom - Country in Europe
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country located off the northwestern coast of the European mainland.