Mitie agrees £3.1bn takeover by OCS in blow to London stock market
Summary
Mitie, a British facilities management company, has agreed to be bought for £3.1 billion by OCS Group, a private-equity-owned rival. This deal will take Mitie off the London stock market after nearly 40 years and is expected to finish in early 2027.Key Facts
- Mitie was founded in 1987 and employs 84,000 people.
- OCS Group is owned by private equity firm Clayton, Dubilier & Rice and operates internationally with 135,000 employees.
- The offer to buy Mitie includes a cash payment of 221.6 pence per share, which is 44.7% higher than the previous closing price.
- Mitie provides services like engineering maintenance, hygiene, security, and cleaning, including contracts with government and industries such as defence and health.
- Mitie’s CEO Phil Bentley plans to leave in March 2027, after over 10 years in the role.
- The takeover follows a trend of many London-listed companies being acquired this year.
- Recently, Mitie faced allegations of racism and hate speech at some of its sites and is investigating the claims.
- The deal is expected to help both companies support customers better and grow their workforce.
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