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Outsourcing firm Mitie (MTO.L) has agreed a takeover of Lord Ashcroft founded specialist services firm Marlowe (MRL.L) in a deal worth around £366 million.
Under the terms of the cash-and-shares deal, Mitie will pay 466p per Marlowe share.
Mitie said it hopes to cut costs by £30 million a year across the combined group after the takeover.
Marlowe is a provider of fire safety services, which is listed on the London’s Aim junior market, and employs around 3,000 workers.
FTSE 250 (^FTMC)-listed Mitie employs about 72,000 staff in areas from cleaning and security to maintenance.
Phil Bentley, chief executive of Mitie, said: “Adding Marlowe’s circa 3,000 highly respected colleagues to Mitie’s capabilities and providing access to Mitie’s clients will generate significant revenue growth opportunities as well as immediate cost efficiencies.
“We are excited about the next chapter in Mitie’s history to become a leading facilities compliance provider.”
Lord Ashcroft, interim non-executive chairman of Marlowe, added: “The acquisition represents excellent value for Marlowe shareholders.”
“I have been consistent since taking up the role of interim chairman in June 2024 that my aim was to maximise shareholder returns and the acquisition will be the final piece in that jigsaw,” he said.
Lord Ashcroft – a former deputy chairman of the Conservative Party – co-founded Marlowe with Alex Dacre, its former chief executive.
He became non-executive chairman on an interim basis when Mr Dacre left in June last year.
He is the latest shareholder in Marlowe, with an 18.9% stake.
In Mitie’s full year figures also out on Thursday, it reported an 11% rise in underlying operating profits to £234 million for the year to March 31.
But statutory pre-tax profits fell to £145.4 million from £156.3 million the previous year.
