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.
- CEO Phil Bentley is set to depart in March 2027.
- The deal is the eleventh £1bn takeover of 2026 on the London Stock Exchange.
Mitie, a FTSE 250 facilities management company, has agreed to a £3.1bn takeover by rival OCS Group. The offer price of 221.6p per share in cash represents a 44.7% premium on Mitie's closing share price on July 20. Mitie's board has unanimously recommended shareholders accept the offer. The deal marks the eleventh £1bn takeover on the London Stock Exchange this year, highlighting a trend of private buyers acquiring UK-listed companies. This surge in deals, coupled with a low number of IPOs, is raising concerns about the shrinking size of the London market. CEO Phil Bentley is expected to depart in March 2027. Analysts note that buyers are taking advantage of UK valuation gaps compared to global competitors, with some companies receiving multiple offers.