Mitie has agreed to a £3.1bn takeover offer by rival outsourcer OCS Group, becoming the latest in a flurry of London-listed companies to be acquired this year. The outsourcer said on Tuesday its board was recommending that shareholders accept a cash offer of 221.6p a share, a 44.7 per cent premium to Monday's closing price. The recommended offer represents a significant premium and underscores continued consolidation in the UK outsourcing sector.

The deal, which values Mitie's equity at £3.1bn, came as the company reported revenues of £1.4bn for the three months to the end of June, an increase of 10 per cent on the same period a year ago. Mitie provides services such as cleaning, building maintenance and security across public and private sectors. OCS Group, a privately held rival, aims to leverage Mitie's public sector contracts and technology platform to create a facilities management giant with enhanced scale.

The transaction is subject to shareholder approval and regulatory clearances. Analysts suggest the combination could accelerate digital transformation in facilities management while delivering cost synergies. This is a developing story.