OCS to buy Mitie in £3.1B cash deal to build £8.5B facilities giant
What's the deal? OCS GroupDealroom has a profile for this one. Try Dealroom → International has agreed to acquire British facilities management firm Mitie GroupDealroom has a profile for this one. Try Dealroom → in a recommended all-cash transaction valuing it at roughly £3.1 billion. The boards announced the deal on Monday, creating a combined business with about £8.5 billion in revenues.
The terms: Mitie shareholders will receive up to 221.6 pence per share — 218.5 pence in cash plus a final dividend of up to 3.1 pence. That marks a 44.7% premium to Mitie's closing price of 151.0 pence on July 20, 2026, the last business day before the announcement.
The offer also tops Mitie's all-time high closing price of 185.7 pence, reached on April 14, 2026, by 17.7%. The acquisition will be implemented via a Scottish scheme of arrangement.
What's the endgame? Both boards framed the deal as a merger of complementary strengths, building a bigger UK-headquartered business across government, defence, healthcare, and infrastructure markets. The enlarged group would rank as one of the UK's largest private sector employers.
Mitie chairman Chris Rogers said the offer "recognises the strength of the business, the progress achieved in recent years and the opportunities ahead." OCS chief executive Rob Legge called it "an exciting opportunity to bring together two highly complementary businesses."
What's next? Mitie's directors have unanimously recommended the deal, backing it with irrevocable undertakings over roughly 1.2% of shares. OCS has also secured a commitment from Oasis Management Company on total return swaps tied to about 9.9% of Mitie's share capital, though those swaps carry no voting rights.
Completion depends on regulatory clearances and court approval and is expected in the first quarter of 2027. Until then, both companies said it would be "business as usual."
The signal: The deal underscores continued consolidation in UK facilities management, where scale, sector breadth, and investment capacity increasingly determine who wins large government and infrastructure contracts. Combining two of the sector's larger players creates a single provider spanning much of the market that keeps public services and buildings running.
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