Mears buys Mitie's social housing arm for £35m

By Hamish Champ2018-11-19T12:21:00

Acquisition being part-funded by share placing

Mitie has sold its social housing interests to services group Mears for up to £35m.

Mears will be placing shares with investors to fund an initial cash payment of £22.5m, with a further £12.5m set to be paid once certain earnings targets have been met.

Its shares fell by more than 8% to 337p after the announcement.

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