Mitie Group PLC (LSE:MTO) (LSE:MTO) has beefed up its presence in the mobile telecoms market with the acquisition of infrastructure specialist DAEL Ventures for £15mln.
The acquisition will broaden its expertise in the fast-growing telecoms sector, said Mitie, delivering end-to-end service for its customers.
DAEL Ventures' revenue for the twelve months to 31 December 2020 was £18.3mln and profit before tax was £0.22mln, including a one-off charge of £0.42mln.
Revenue is expected to grow significantly as the telecoms industry gears up to establish a full 5G network over the next 3-5 years.
Alongside ADC (acquisition, design and construction) services, DAEL Ventures supplies and manages temporary mobile infrastructure to support the special events market.
Phil Bentley, Mitie’s chief executive, said: "The acquisition, which is aligned with our new growth and margin enhancement strategy, provides us with the opportunity to broaden our scale and expertise in the fast-growing telecoms sector.
“Mitie will now have market-leading capabilities, putting us in a strong position to take advantage of the growth prospects arising from the rollout of 5G in the UK."