Mitie acquires DAEL Ventures for £15m

Outsourcing and energy services company Mitie has acquired DAEL Ventures as part of an effort to broaden its expertise in the fast-growing telecoms sector.

Mitie said on Thursday the addition of DAEL, the UK arm of Mak Holding, will provide it with "market-leading capabilities" and accretive to earnings.

THE FTSE 250-listed firm stated the consideration of £15.0m will be paid in cash and funded from existing facilities.

Chief executive Phil Bentley said: "The acquisition, which is aligned with our new growth and margin enhancement strategy, provides us with the opportunity to broaden our scale and expertise in the fast-growing telecoms sector.

"Mitie will now have market-leading capabilities, putting us in a strong position to take advantage of the growth prospects arising from the rollout of 5G in the UK."

As of 0845 BST, Mitie shares were up 0.46% at 64.80p.