Key facts
- Mitie has agreed to a £3.1 billion takeover by OCS Group.
- The offer price is 221.6p per share in cash, representing a 44.7% premium.
- Mitie's board has unanimously recommended shareholders accept the offer.
- The deal is expected to be completed in the first quarter of 2027.
Mitie, a facilities management company listed on the FTSE 250, has agreed to be acquired by its UK rival OCS Group for £3.1 billion. The offer price of 221.6p per share includes a cash component and represents a 44.7% premium to Mitie's closing share price on July 20. Mitie's board has unanimously recommended that shareholders accept the offer.
Mitie, founded in 1987, employs 84,000 staff and provides services including engineering maintenance, hygiene, and security. Its chief executive, Phil Bentley, announced last month that he will step down in March 2027 after more than a decade in the role. OCS, which operates globally with 135,000 employees, is owned by private equity firm Clayton, Dubilier & Rice.
OCS chief executive Rob Legge stated the combination aims to build a stronger British facilities management group. Mitie's CEO, Phil Bentley, noted that becoming part of a larger entity would provide a stronger platform for investment in people, technology, and services. The deal is anticipated to conclude in the first quarter of 2027.
This acquisition is part of a broader trend of London-listed companies being bought by private equity firms at significant premiums. Recent examples include Rotork, easyJet, Beazley, and Schroders. This trend, coupled with a low number of new listings, has contributed to a shrinking London stock market.