Mitie1 Dec 2020 14:51
Mitie Group's acquisition of Interserve Facilities Management has completed. The combined business has about 77,500 employees.
After revising the terms of the deal last month, Mitie has acquired the Interserve division on a cash free and debt free basis for consideration of £120m in cash and approximately 248 million shares in Mitie.
The share element of the agreement now represents about 17.5 per cent of the enlarged group share capital.
Speaking last month, Mitie chief executive Phil Bentley said the acquisition "accelerates the delivery of our technology-led strategy, expanding our scale and footprint to create the UK's largest facilities management company".
"The combination of these two businesses will transform our competitive positioning, unlock significant growth opportunities for both our business and our 77,500 colleagues and strengthen our financial profile, better balancing our public and private sector divisions and driving greater returns from the investments we have made in technology, systems and customer service over the past three years."