Weil, Linklaters advise on £3.1bn Mitie take-private

FTSE 250 facilities management group Mitie has agreed a £3.1 billion take-private by UK private equity-backed rival OCS, with Weil and Linklaters taking lead roles. Debevoise is also advising the buyers.

Mitie provides facilities management services from cleaning and security to engineering, caretaking and compliance. OCS is owned by American PE firm Clayton Dubilier & Rice which acquired the company in 2022, with Weil and Debevoise acting for CD&R and Travers Smith advising OCS.

The merger is set to create one of the UK’s largest private sector employers with more than 120,000 staff.

Another departure from the LSE

Expected to complete in the first quarter of 2027, the deal is the latest in a string of takeovers which have seen large listed UK companies taken off the London Stock Exchange.

In February, asset manager Schroders agreed to a takeover, with Clifford Chance and Slaughter and May leading the legal work. In March, FTSE 100 insurer Beazley agreed a take-private with Zurich, steered by Freshfields and Sluaghters.

In April, a slew of elite UK firms advised on Blackstone and Tinicum’s £1.4 billion takeover of listed high-tech manufacturer Senior, and in June, FTSE 100 manufacturer Intertek agreed to an £11 billion private equity buyout, with Freshfields and Slaughters advising.

Advising

A Weil team led by London co-managing partner and private equity partner Jonathan Wood, who also advised CD&R on its 2022 acquisition of OCS, and M&A partner Sarah Flaherty is advising OCS.

Debevoise, a long-time adviser to Clayton Dubilier & Rice, is providing antitrust and debt financing advice to OCS. The team is led by finance partner Gregg Young and competition partner Timothy McIver.

Linklaters is advising longstanding client Mitie, with London corporate partner Jonathan Sadler leading the team.

Update: This article was updated to include details of the Debevoise team advising OCS.