OCS Group International agreed on 21 July to acquire Mitie Group in a recommended cash deal worth about £3.1bn, offering 218.5p a share plus a final dividend of up to 3.1p.
Why OCS Group International is buying Mitie Group plc
OCS said the combination would create a group with about £8.5bn of revenue, wider coverage of UK sectors and a broader footprint in Europe, Asia-Pacific and the Middle East, with more scope to invest in technology. Mitie's board said the offer provided immediate, certain cash value compared with the uncertain returns from its own strategic projects.
“the Board has unanimously concluded that it represents an attractive outcome for shareholders”
Deal terms and financing
The 218.5p price is a 44.7% premium to Mitie's closing price of 151.0p on 20 July, or 46.8% including the dividend. The deal is funded with equity from CD&R funds and a term loan arranged by HSBC, RBC and Barclays. Mitie's directors gave irrevocable undertakings over about 1.2% of the shares and Oasis Management committed swap interests over about 9.9%. Mitie suspended its £100m share buyback.
Regulatory approvals and timing
Shareholders approved the scheme on 16 September 2026, with 99.74% of votes cast in favour at the court meeting and 99.76% at the general meeting. Completion still requires clearances including from the Competition and Markets Authority, the European Commission and under the National Security and Investment Act, plus court sanction, and is expected in the first quarter of 2027.
Market context
OCS, a London-based provider of cleaning, security and maintenance services, has been owned by CD&R funds since November 2022. Mitie shares jumped about 39% to a record high on the day of the announcement.
