UK's Mitie acquires Dalkia Technical Facilities Management for £130 million

UK maintenance firm Mitie said it has taken over the British operations of Dalkia, the outsourcing group of France's EDF and Veolia for £130 million and raised £43 million via share placement.

The company said it acquired Dalkia Technical Facilities Management (DTMF) to extend the scope of its own facilities management arm. Mitie's maintainence contracts include the cleaning services for the Tower of London and provisioning of supplies attendants to he Tate Britain art gallery.

The company had initially paid £120 million in cash for the group, funded through its present banking facilities.

"The transaction brings together Mitie's facilities management services and Dalkia's technical facilities management capabilities and strengthens our platform for sustainable profitable growth" the company said in a statement.

Mitie also said it had raised around £43 million through the fully underwritten placing of 19 million shares at 225 pence each. Around 6 per cent of the proceeds of the placing will go towards repayment of debt drawn down to make the DTFM acquisition.

Mitie's EBITDA was £96 million for the year to the end of March 2009. It had net funds of £10.9 million and banking facilities of £230 million in place at the year-end.