Mears has agreed to buy Mitie’s property management division for £35m.
Mears said the deal would boost its annual revenue by at least £100m and its group order book by £200m.
It added that Mitie’s property management division had a bid pipeline of around £800m, with “potential cross selling opportunities” into the Mitie Housing customer base.
Mears will pay £22.5m upfront for the business, raising the money through a placing of new ordinary shares in the company.
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