British outsourcing services firm Mitie Group has announced it has agreed to be acquired by facilities management giant Oculis Group in a deal valued at up to £3.1 billion (approximately $4.16 billion). The news triggered a massive surge in Mitie's share price.

Upon opening on the London Stock Exchange, Mitie's shares skyrocketed by 40% to 211 pence per share. Year-to-date, the stock has gained 27%.

Mitie disclosed the terms of the acquisition on Tuesday. Shareholders could receive up to 221.6 pence per share, comprising 218.5 pence in cash plus a potential final dividend of up to 3.1 pence for the financial year ending March 2026. The cash offer represents a 45% premium over Monday's closing price of 151 pence per share.

Mitie stated that the merger of the two companies will enable the delivery of enhanced services to clients and provide a stronger platform for international expansion.

If approved by shareholders, this transaction would add to the recent wave of acquisitions, further reducing the number of companies listed on the London Stock Exchange. Earlier this month, easyJet agreed in principle to a $7.6 billion takeover offer from US asset manager Apollo. Food ingredients company Ingredion finalized its acquisition of UK peer Tate & Lyle this year, and global industrial property giant Prologis is currently in the process of acquiring Segro.

Mitie indicated that the acquisition is currently expected to be completed in the first quarter of 2027. Due to the offer, the company has suspended its £100 million share buyback program.