Mitie has bought Interserve’s support services arm for £271m.
The deal, which will need approval from the Competition and Markets Authority (CMA) as well as Mitie’s shareholders, comprises £120m in cash and a 23.4% shareholding in Mitie to be held by Interserve’s shareholders.
The combined business, which will have an even spread of private and public sector clients, will be the largest facilities management company in the UK, employing over 77,500 people.
Following completion of the transaction, Interserve said it will focus on delivering its business plans for its three remaining divisions: construction, equipment services (RMD Kwikform) and citizen services. Alan Lovell will continue to lead Interserve Group Limited as chairman, supported by Mark Morris, executive director and chief financial officer.
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