OCS to acquire Mitie

The Boards of Mitie and OCS have reached agreement on the terms of a recommended cash acquisition under which OCS would acquire Mitie.

Mitie Group plc has today announced that its Board has reached agreement with OCS Group International Limited on the terms of a recommended cash acquisition under which OCS would acquire Mitie for up to 221.6 pence in cash. The transaction, which is unanimously recommended by the Mitie Board, would bring together two UK-headquartered facilities management and transformation businesses.

The offer, comprising 218.5 pence in cash together with Mitie’s proposed FY26 final dividend of up to 3.1 pence per share, values Mitie’s entire issued and to be issued ordinary share capital at approximately £3.1bn and represents a premium of approximately 46.8% to the closing price of 151 pence per Mitie share on 20 July 2026, the last business day before this announcement.

The firms state that the proposed combination would create an organisation with greater scale, broader capabilities and an expanded international footprint, bringing together complementary strengths across technology-led facilities management (engineering, security and hygiene), facilities transformation and facilities compliance services.

By bringing together complementary capabilities, broader sector expertise and greater geographic reach, the enlarged group would be better positioned to support customers operating in increasingly complex, regulated and mission-critical environments – including healthcare, defence, central government, national infrastructure, life sciences and major commercial markets.

Mitie and OCS adds that the proposed combination would create a stronger platform for continued investment in people, technology, innovation and service quality, and would expand opportunities for colleagues across employment, apprenticeships, training and career development.

The transaction remains subject to approval by Mitie shareholders and regulatory clearances, including antitrust and national security clearances.

The deal is expected to complete in the first quarter of 2027 and will create a combined business of £8.5 billion.

Chris Rogers, Chair of Mitie, said: “Mitie has built one of the UK’s leading technology-driven Facilities Management, Facilities Transformation and Facilities Compliance services businesses. The Board believes OCS’s offer recognises the strength of the business, the progress achieved in recent years and the opportunities ahead. The combination would provide a stronger platform for growth through greater scale, complementary capabilities and enhanced investment capacity, while retaining the qualities that have made Mitie successful. Having carefully reviewed the offer, the Board has unanimously concluded that it represents an attractive outcome for shareholders, delivering the certainty of cash consideration while positioning the business for its next chapter of growth. Accordingly, the Board intends to recommend unanimously that shareholders vote in favour of the transaction.”

Phil Bentley, Chief Executive Officer of Mitie, 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.”

Rob Legge, Group Chief Executive Officer of OCS, said: “This is an important milestone for both organisations and an exciting opportunity to bring together two highly complementary businesses with a shared commitment to delivering the best outcomes for colleagues and customers. 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. While there is a long process ahead, both businesses remain focused on supporting customers and delivering the high standards they expect every day. Together, we can build something remarkable for our colleagues, our customers and the country.”

Further information on the proposed acquisition, including the full terms and conditions, is set out in the Rule 2.7 announcement, which should be read in full.