MITIE has agreed to a £3.1 billion takeover by rival outsourcer OCS Group, with its board recommending shareholders accept a cash offer of 221.6p a share, a 44.7 per cent premium to Monday’s closing price. The company’s shares rose 39 per cent to 210.4p in early trading.
The deal values Mitie’s equity at £3.1bn and would create one of the UK’s largest private-sector employers, with more than 120,000 staff. OCS Group is owned by private equity group Clayton Dubilier & Rice, reported Financial Times.
The announcement came as Mitie reported revenues of £1.4bn for the three months to the end of June, up 10 per cent from a year earlier.
Founded in 1987, the company employs 84,000 staff in cleaning, building maintenance, security and other facilities management services.
Mitie chief executive Phil Bentley, who announced last month that he would leave in March 2027, is expected to receive about £50 million from the takeover through his shareholding and long-term incentive plans.
“This is an important milestone for both organisations and an exciting opportunity to bring together two highly complementary businesses,” said OCS Group chief executive Rob Legge.
He added that the deal “would build a British facilities management group that is better positioned to support the organisations that keep the country running”.
Mitie chair Chris Rogers said: “The combination would provide a stronger platform for growth through greater scale, complementary capabilities and enhanced investment capacity.”
The transaction is subject to shareholder approval and is expected to complete in the first quarter of 2027, reported Financial Times.
