CMA clears Mitie's acquisition of Interserve Facilities Management

Mitie shares rallied on Tuesday after the Competition and Markets Authority approved its acquisition of Interserve’s cleaning and maintenance business.

Mitie announced in June that it was planning to buy Interserve Facilities Management for £271m to enhance its position "as a leading UK facilities management company".

Earlier this month, Mitie revised the terms of the acquisition, reducing the price by £81m.

The deal is subject to a shareholder vote that will be held on 23 November.

At 1305 GMT, the shares were up 6.7% at 36.26p.