MITIE AGREES £3.1BN TAKEOVER BY OCS GROUP

Mitie has agreed to a £3.1bn takeover by OCS Group, ending nearly four decades on the London stock market. The board of the FTSE 250-listed government contractor recommended that shareholders accept a cash offer of 221.6p per share on Tuesday, representing a 44.7% premium to the previous day's closing price. The deal makes Mitie the latest London-listed company to be acquired this year. Mitie was founded in 1987 and specialises in facilities management, including engineering maintenance, hygiene and security services.

The combined entity would employ between 136,000 and 219,000 staff across the UK, Europe, Asia Pacific and the Middle East, depending on how the figures are calculated. OCS is owned by private equity firm Clayton, Dubilier & Rice, which also owns the Motor Fuel Group petrol station company and acquired supermarket chain Morrisons in 2021. Mitie holds contracts across government departments and industries including defence, health and immigration. Rob Legge, OCS chief executive, said the combined business would be "better positioned to support the organisations that keep the country running" and help "more people into work". Mitie's longstanding chief executive Phil Bentley announced last month that he would leave in March 2027 after more than 10 years in the role.

The transaction remains subject to shareholder approval and regulatory clearance. Both organisations said they remain focused on supporting customers during the acquisition process. The deal continues a trend of London-listed companies moving into private ownership or being acquired by foreign entities.