Mitie as an outsourcing contractor is planning to purchase Interserve Facilities Management business in a £271m deal. This will create the UK’s largest Facilities Management (FM) business including 77,500 staff in both hard and soft FM services. The deal agreement carries in a way that Interserve will receive £120m in cash, while Mitie achieves 23.4% shareholding.
The proposal will be implemented and Mitie’s shareholders are expected to receive their stake by the end of this year. Mitie has a total of 37,500 staff currently and was successful in making operating profits of £86m from £2.2bn turnover in the year to March. On the other hand Interserve Facilities Management has achieved revenue of £1.4bn last year and operating profits of £43m are generated.
As the transactions of the deal are completed, Interserve Group will focus on delivering its business plans for its three remaining divisions. Interserve Construction, RMD Kwikform, and Citizen Services portfolio of businesses are its 3 other divisions.
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