- OCS has struck a £3.1bn deal to acquire Mitie, offering shareholders a cash price of 221.6p per share, which includes a planned final dividend of 3.1p.
- The bid represents a 47% premium to Mitie’s closing share price on Monday, valuing the business at £3.1bn on a fully diluted basis.
- Mitie’s board has unanimously recommended the offer, stating it delivers immediate value for shareholders and enhances long-term investment capacity.
- The takeover is expected to complete in the first quarter of 2027, pending shareholder approval and regulatory clearances.
- Mitie will end nearly four decades on the stock market as it agrees to the takeover by OCS, marking it as the latest London-listed company to be acquired this year.
- OCS operates internationally with 135,000 staff and is owned by private equity group Clayton, Dubilier & Rice.
- Mitie specializes in facilities management and employs 84,000 staff, focusing on services such as engineering maintenance, hygiene, and security.
- This acquisition follows a trend of takeovers in the London stock market, with several companies like Intertek and easyJet also agreeing to acquisitions this year.
OCS Group has finalized a £3.1 billion deal to acquire Mitie, offering shareholders 221.6p per share, a 47% premium over its recent closing price. This acquisition is part of a broader trend of London-listed companies being taken private, with Mitie set to exit the stock market after nearly 40 years.2
The deal, which is expected to complete in the first quarter of 2027, will create a combined workforce of over 219,000 employees globally, merging OCS's £3.3 billion international operations with Mitie's leading UK services in engineering maintenance, security, hygiene, and compliance.
OCS, owned by private equity firm Clayton, Dubilier & Rice, aims to enhance its capabilities in government, defense, healthcare, and commercial markets through this acquisition. Rob Legge, OCS's CEO, stated, “We would build a British facilities management group that is better positioned to support the organisations that keep the country running.”
Mitie's board has unanimously recommended the offer, emphasizing the immediate value for shareholders and the potential for long-term investment growth. Phil Bentley, Mitie's CEO, will remain until the deal's completion, after which he will step down.
This acquisition follows a series of takeovers in London, including Intertek and easyJet, as the market sees a significant shift towards consolidation. The deal also comes amid challenges for the outsourcing sector, with recent government plans indicating a potential wave of insourcing public services.
Mitie, founded in 1987, specializes in facilities management and employs around 84,000 staff, while OCS operates across the UK, Europe, Asia Pacific, and the Middle East with 135,000 employees.
“The combined group will employ over 219,000 people worldwide and combine OCS's international operations with Mitie's UK market-leading services. Mitie CEO Phil Bentley will remain until completion before stepping down, while OCS chief Rob Legge will lead the enlarged business.”
Construction Enquirer
The Guardian
