The great British takeover tops $60bn after Mitie deal

The UK stock market is losing the equivalent of more than $2 billion a week to takeovers of London-listed companies, with Mitie Group Plc the latest name to be snapped up.

OCS Group International on Tuesday agreed to buy its British facilities management rival for £3.1 billion ($4.2 billion). The transaction comes less than a week after ABB struck a $5.5 billion deal to acquire industrial components company Rotork Plc, and US buyout firm Arlington Capital Partners said it would purchase photonics provider Gooch & Housego Plc for around £400 million including debt.

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These add to the flurry of UK takeovers that’s raising fresh concerns about the future of London as a global business hub. Some of the city’s most historic names, including asset manager Schroders Plc and ingredients maker Tate & Lyle Plc, have this year accepted offers from overseas or private buyers drawn to the UK by cheaper valuations relative to other regions.

In total, the value of mergers and acquisitions targeting UK and Irish companies listed in London has risen almost 130% this year to $64 billion, according to data compiled by Bloomberg. It puts 2026 on course to be the busiest year in more than a decade for such takeovers. The numbers could rise further in the weeks ahead, with budget carrier EasyJet Plc, warehouse landlord Segro Plc and energy sales and distribution group DCC Plc, all subjects of ongoing, multibillion-pound pursuits.

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This is happening at the same time as London struggles to attract its next generation of blue-chip companies to list in the city. Little more than $685 million has been raised via initial public offerings in the UK capital this year, the Bloomberg-compiled data show, with the only sizeable IPO coming from Uzbekistan’s national investment fund, UzNIF.

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