Mitie Group has agreed to a recommended ÂŁ3.1 billion takeover by UK facilities-services rival OCS Group, offering shareholders up to 221.6p per share. The acquisition is expected to complete in the first quarter of 2027, subject to shareholder, regulatory and court approvals.
The proposed combination would bring together two major providers of cleaning, security, engineering, catering and building-management services. If completed, Mitie would leave the London Stock Exchange after nearly four decades as a listed company.
Mitie takeover offer values shares at up to 221.6p
OCS is offering 218.5p in cash for each Mitie share. Shareholders may also retain Mitie’s proposed final dividend of up to 3.1p, producing a maximum total value of 221.6p per share.
The cash offer is 44.7% above Mitie’s closing price of 151p on July 20, 2026. Including the proposed dividend, the maximum value represents a premium of approximately 46.8%.
The full 221.6p is not guaranteed because the additional 3.1p depends on the final dividend being approved and paid. Mitie’s market price may also remain below the offer value while investors account for the waiting period and completion risk.
What should Mitie shareholders do?
Shareholders do not need to take immediate action. Mitie will publish a scheme document setting out voting instructions, conditions, court dates and the expected payment timetable.
Mitie’s board has unanimously recommended the acquisition. The transaction will proceed through a court-sanctioned scheme of arrangement, with the conditions detailed in the official Mitie acquisition announcement.
If approved, Mitie shares will be cancelled from London trading. Eligible shareholders will receive the applicable cash and permitted dividend rather than shares in the enlarged OCS business.
When could the OCS deal be completed?
The companies expect the takeover to become effective during the first quarter of 2027. It must first receive the required shareholder votes, regulatory clearances and court approval. Mitie and OCS will continue operating separately until completion.
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What could the takeover mean for Mitie employees?
Mitie reported approximately 84,000 employees at the end of March 2026. They provide cleaning, security, engineering, catering, portering, compliance and building-management services.
No takeover-related redundancies have been announced. OCS has highlighted possible investment in training, apprenticeships, technology and career development across the enlarged organisation.
The companies operate in several overlapping areas, however, and detailed decisions about management structures, offices, pensions, employment conditions and duplicated support roles have not been disclosed.
Will Mitie customers or contracts be affected?
Mitie serves government departments, NHS organisations, defence facilities, airports, railway stations and major private businesses. There is no indication that existing services will stop, and customers have not been asked to take any immediate action.
OCS says the combination would create a stronger provider for complex contracts across government, healthcare, defence, infrastructure, aviation, rail, life sciences and commercial property.
How large would the combined business be?
The enlarged group is expected to generate approximately ÂŁ8.5 billion in annual revenue. OCS reports around 135,000 employees globally, while Mitie reports approximately 84,000.
A definitive combined workforce figure has not been published. The reported totals should not automatically be added because the companies may use different reporting methods and have operational overlap.
Mitie reports a strong start to FY27
Mitie announced the offer alongside its latest trading update. First-quarter FY27 revenue increased 10% to ÂŁ1.41 billion, including organic growth of 4%. Contract wins, renewals and extensions reached ÂŁ1.6 billion, the bidding pipeline rose to a record ÂŁ32.5 billion, and customer retention improved to 91%.
Business Services revenue increased 23%, supported by security and hygiene contracts and growth in Spain. Technical Services revenue declined 5%, although Mitie reported improving sales momentum.
Integration of the Marlowe acquisition was progressing ahead of plan, with potential cross-selling opportunities estimated at approximately ÂŁ700 million in annual contract value.
Mitie ended the quarter with net debt of ÂŁ477 million and retained its BBB investment-grade credit rating. It suspended its ÂŁ100 million share-buyback programme after announcing the takeover and continues investing in agentic artificial intelligence for workforce management, recruitment, cleaning and security operations.
What happens to Mitie’s leadership?
Chief executive Phil Bentley had already announced plans to leave in March 2027 after more than a decade leading Mitie. He had agreed to oversee the transition to a successor, although final leadership arrangements under OCS have not been confirmed.
Why the takeover matters for London
Completion would remove another established British company from public trading. It follows other proposed acquisitions involving UK-listed businesses, including the ÂŁ5.5 billion ABB takeover of Rotork.
The deal also arrives as investors assess the performance and valuation of other major British groups, including the recent decline in Sports Direct’s UK sales at Frasers Group.
The next steps are publication of the scheme document, shareholder meetings, regulatory decisions and court approval. Until those conditions are satisfied, the OCS acquisition remains a recommended proposal rather than a completed takeover.
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