Mitie to be taken over by rival OCS Group in £3.1bn deal

(Sharecast News) - Outsourcing and energy services firm Mitie said on Tuesday that it has agreed to be bought by rival OCS Group in a £3.1bn deal. Under the terms of the agreement, OCS will pay up to 221.6p per share. This is comprised of 218.5p in cash and a final dividend of 3.1p per share for the year to the end of March 2026. This represents a premium of around 44.7% to the closing Mitie share price on Monday.

Mitie chief executive Phil Bentley said: "Today's announcement is a testament to everything we have achieved at Mitie in recent years - especially the talent and expertise of our people, and in the business we have built together as well as its future potential. 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. There is a process still to run and much to work through. Until completion it is business as usual, and our focus stays firmly on delivering safely and reliably for our customers every day."

News of the takeover came alongside a first-quarter trading update from Mitie, which showed that revenue rose 10% to £1.4bn. This includes 4% organic growth driven by new wins, projects and pricing.

The company also hailed a record £32.5bn bidding pipeline, up from £31.7bn at the end of FY26, with more than 70% due to be awarded in the next 18 months.

Bentley said: "I am pleased we have made a good start to the year, maintaining double-digit growth despite the impact of contract losses last year. Wins and renewals in the period were stronger than last year and will continue to improve with the new management team in Technical Services and the strength of our integrated, technology-led service proposition."

See latest RNS on Investegate