This website uses cookies primarily for visitor analytics. Certain pages will ask you to fill in contact details to receive additional information. On these pages you have the option of having the site log your details for future visits. Indicating you want the site to remember your details will place a cookie on your device. To view our full cookie policy, please click here. You can also view it at any time by going to our Contact Us page.

Merger proposed for Interserve and Mitie

25 June 2020

Today saw the announcement for the proposed joining of Interserve Support Services with Mitie, subject to the approval of the Competition Markets Authority (CMA) and the latter's shareholders.

The deal has been valued at £271m, comprised of £120m in cash and a 23.4% stake in the Mitie business by Interserve shareholders.

If approved, the deal will see the Interserve public and private FM operations in the UK and overseas transfer to Mitie and is expected to be completed by the end of the year.

This morning's announcement stated that the transaction would create an enterprise employing more than 77,500 people, although no mention was made of whether redundancies in either operation were likely following the impact of the Covid-19 lockdown.

Following the transfer of its Support Services division to Mitie, Interserve Group will continue to operate its three remaining divisions, namely Construction, Equipment Services (RMD Kwikform) and Citizen Services.

The group will continue to be led by chair Alan Lovell and executive director and chief financial officer Mark Morris.

Mr Lovell said the deal "will create the UK's leading FM company, with strong prospects in both the public and private sectors providing significant opportunities to employees, customers and shareholders alike".

The announcement further stated that Lazard is acting as sole financial advisor to Interserve, with Slaughter and May acting as legal counsel.


Print this page | E-mail this page

www.fsifm.com


MOST VIEWED...

View more articles
Article image

Covid special: Touch-free systems continuing to increase in popularity

With the Coronavirus pandemic continuing to influence workplace design and set up, contactless technology has seen increased use in many facilities....
Article image

Why the Law Says You Need a Nappy Bin Disposal Service

At home, parents are used to disposing of their babies’ used nappies the same way they do any other domestic waste - bagging it up and sticking it in the r...
Article image

All deadlines and new judge confirmed for PFM Partnership Awards

Entries for both the Account Director of the Year and Young Leader of the Year categories within the PFM Partnership Awards 2021 will need to be submitted ...
Article image

Essential advice for the reopening of facilities

FMs and service providers can click on the link below to view expert advice from the PFM panel of yesterday's live...

Benchmarking maintenance

BSRIA has just published this year's operation and maintenance benchmarking report as a guide for building operators to evaluate their performance against ...
Article image

FM and property management integrated into managing agent remit

Integration of FM, property management, accountancy and managing agent responsibilities have been announced by Edmond de Rothschild Real Estate Investment ...
https://www.uhubglobal.com
http://edition.pagesuite-professional.co.uk/Launch.aspx?PBID=78915b1c-0f11-4b5e-9468-ba601ad89761