Mitie Group has agreed to a £3.1bn acquisition offer from the private-equity owned facilities management firm, OCS, becoming the latest London-listed firm to be acquired in 2026.

The outsourcing and energy services company’s directors have unanimously recommended to its shareholders that they vote in favour of the deal, which is valued at £2.21 per share, comprising £2.18 as a cash consideration and 3.1 pence as a final dividend.

OCS’s acquisition price offer represents a 44.7% premium on Mitie’s closing share price yesterday.

OCS said that the acquisition is designed to bring together two UK-headquartered businesses with combined revenues of £8.5bn at the end of 2025.

It added that customers are facing rising regulatory and compliance requirements and growing pressure to improve performance, and with “complementary capabilities, broader sector expertise and an expanded geographic footprint”, the enlarged group would be better positioned to support existing and new customers.

Following the announcement, shares in Mitie increased by 38%.

CEO at Mitie, Phil Bentley, said that the announcement is a “testament to everything” that the firm has achieved in recent years.

He added: “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."

Head of markets at AJ Bell, Dan Coatsworth, praised Mitie’s turnaround in recent years, with OCS’s offer being nearly eight times the buying price in October 2020.

He concluded: "The company has worked hard to broaden its interests into higher-value services, improve the group’s financial strength, and embrace technology to provide more data-driven insights. It has made the company more relevant for the modern age.

"Losing another mid-cap represents another blow to the London Stock Exchange as it grapples with a major shortage of stock market flotations. It’s one-way traffic with stocks delisting and barely any of them being replaced by new names on the market.

"The UK market has historically been rich with industrial support service companies, but one by one they are being picked off. Mitie has been responsible for buying some of them, including Interserve and Marlowe, and it has now gone from being predator to prey.”

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