Mergers and Acquisitions
OCS agrees £3.1 billion acquisition of Mitie
OCS Group International has reached a recommended agreement to acquire Mitie Group for up to 221.6 pence per share in cash, valuing the transaction at £3.1 billion. The offer represented a 44.7% premium to Mitie’s previous closing price.
AS1 News
FTSEOCS Group International has agreed a recommended cash acquisition of London-listed facilities-management company Mitie Group.
The transaction values Mitie at £3.1 billion and offers shareholders up to 221.6 pence per share in cash. That consideration represented a 44.7% premium to Mitie’s previous closing price, prompting a sharp rise in the company’s shares.
The deal matters because it would remove a FTSE 250 company from the London Stock Exchange and combine Mitie with OCS to create a larger international facilities-management group. The proposed combination could reshape competitive positioning in a sector that provides outsourced services to businesses and other organisations.
The recommended agreement and its headline financial terms are confirmed. The acquisition has not yet been described as completed, so its final completion remains uncertain.
The cash offer delivered a substantial premium for Mitie shareholders and, if completed, would take the FTSE 250 facilities-management company off the London Stock Exchange while creating a larger international industry group.