Mitie buys telecom tower designer P2ML for £2.1m

Mitie Group said it had bought P2ML, a specialist telecoms tower design company for £2.1m on a cash and debt-free basis.

The deal will further expand Mitie’s telecoms acquisition, design and construction capabilities after the acquisition of DAEL Telecoms last year.

P2ML provides design, construction, inspection and maintenance services for cellular telecoms infrastructure, enabling network operators and tower owners to facilitate upgrades to their estates.

For the year March 31, P2ML reported revenue of £3.9m and operating profit of £0.5m. It will be accretive to earnings in the first 12 months of ownership, Mitie said.