Shares in Mitie Group soared after the U.K. outsourcing company agreed to be bought by facilities management group OCS for up to 3.1 billion pounds, equivalent to $4.16 billion.

In opening trade, London-listed Mitie shares jumped 40% to 211 pence a share, putting them 27% higher since the start of the year.

Mitie said Tuesday that under the deal, its shareholders would receive up to 221.6 pence a share. This comprises a cash payment of 218.5 pence a share and a final dividend of up to 3.1 pence a share for the year ended March 2026. The cash payment represents a 45% premium to Monday's closing price of 151 pence a share.

The combined business would deliver better outcomes for consumers and offer greater opportunities for international expansion, Mitie said.

If approved by shareholders, the deal would be the latest in a line of acquisitions to deplete the number of listed businesses on the London Stock Exchange.

Earlier this month, easyJet agreed in principle to a potential $7.6 billion takeover by U.S. asset manager Apollo. Food-and-beverage ingredients maker Ingredion this year clinched a deal to take over U.K. rival Tate & Lyle, while the world's largest owner of industrial real estate, Prologis, is currently attempting to buy Segro.

The deal is currently expected to complete during the first quarter of 2027, Mitie said, adding that it was suspending its 100 million-pound share buyback due to the bid.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

July 21, 2026 03:50 ET (07:50 GMT)

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