Mitie has agreed to be bought by a rival outsourcer in a £3.1 billion deal, marking the latest in a spate of UK-listed companies to be taken off the stock market.
The company, which sells services like security and cleaning for the public and private sector, said it had accepted an offer from OCS Group.
Under the terms of the deal, each Mitie shareholder will receive up to 221.6p per share, comprised of cash and dividends.
This represents a premium of nearly 45% on the closing price of Mitie shares, at 151p, on Monday.
Mitie said the deal, provided a final dividend is paid to shareholders in full, values its share capital at around £3.1 billion.
The company said it had agreed to be bought by another UK-based business in a bid to accelerate business growth and create more opportunities to cater to the services market.
OCS Group offers services like security, cleaning, catering and pest control through to engineering and energy management.
It has more than 135,000 staff around the world and operates across the UK, Europe, Asia and the Middle East.
The acquisition means it will take on Mitie’s workforce which stood at around 84,000 at the end of March as well as its existing partnerships and contracts.
This includes contracts with a range of Government departments for security and facilities management, the NHS for a range of services like catering, cleaning and portering, as well as servicing some of the UK’s biggest train stations and airports.
The takeover means Mitie joins a fast-growing list of listed companies to see their shares taken off the London Stock Exchange and into private ownership.
The likes of easyJet, Rotork, Intertek, Tate & Lyle, William Hill owner Evoke and Beazley have all agreed to deals that take them private this year.
Phil Bentley, Mitie’s chief executive, said: “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.”
Rob Legge, chief executive of OCS Group, said: “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.”
The companies expect the acquisition to complete during the first three months of 2027, subject to it being approved by shareholders and the court.
