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MITIE to buy UK arm of Dalkia for £130 mln, to raise £40 mln via placing

MITIE to buy UK arm of Dalkia for £130 mln, to raise £40 mln via placing

MITIE Group PLC (LSE: MTO) said it is buying the UK technical facilities management operations of Dalkia PLC, controlled by French utility groups Veolia Environnement and EDF, for up to £130 million in cash.

It also announced a fully underwritten placing of 19 million new ordinary shares, representing approximately 6 percent of MITIE's currently issued share capital, with institutional and certain other  qualifying investors to raise at least £40 million before expenses.

Mitie expects the acquisition of Dalkia Technical Facilities Management save it £6 million per annum in cross selling opportunities and cost synergies by March 2011. The deal is expected to increase earnings per share in the first full year of ownership to March 31 2011.

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MITIE Group PLC Timeline

Newswire
June 08 2018

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