Mitie is to be acquired by OCS Group in a £3.1 billion deal, marking it as the latest UK-listed firm to exit the stock market.
Mitie, which provides services including security and cleaning for both public and private sectors, said that it had accepted the offer. Under the terms, shareholders will receive up to 221.6p per share, a package of cash and dividends. This represents a premium of almost 45 per cent on Mitie’s closing share price of 151p recorded on Monday.
The acquisition means it will take on Mitie’s workforce which stood at around 84,000 at the end of March as well as its existing partnerships and contracts. This includes contracts with a range of Government departments for security and facilities management, the NHS for a range of services like catering, cleaning and portering, as well as servicing some of the UK’s train stations and airports.
The takeover means Mitie joins a growing list of listed companies to see their shares taken off the London Stock Exchange and into private ownership.
Phil Bentley, Mitie’s Chief Executive Officer, said, “This recommended offer reflects the strength of Mitie’s brand, capabilities and reputation, and delivers value for our shareholders. As part of a larger group with a wider geographical footprint, Mitie would have an even stronger platform to invest in our people, technology and services, and to do even more for the customers and communities we support.”
Rob Legge, Chief Executive of OCS Group, said, “Subject to completion, we would build a British facilities management group that is better positioned to support the organisations that keep the country running. Together, we can better support existing and new customers, help more people into work and strengthen our contribution to getting Britain moving.”
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*Offer ends on Friday, 7th February.
