LONDON (dpa-AFX) - Mitie Group plc (MTO.L), a facilities management and professional services company, Wednesday said it has agreed to acquire ESM Power, a high voltage electrical engineering business, for up to 8.5 million pounds.
The purchase price includes an initial payment of 5.5 million pounds and performance-linked deferred payments of up to 3 million pounds over two years.
'The acquisition of ESM Power will enhance Mitie's expertise in the growing high voltage power connections market, which continues to benefit from significant capital investment in energy networks for the UK to achieve Net Zero,' Mitie said in a statement.
On completion of the transaction, ESM Power's 60 engineering designers and specialist high voltage installers will join Mitie's 1.1 billion pounds Projects business.
Mitie had recently acquired low voltage power connections provider Rock Power Connections and G2 Energy, which specialises in very high voltage power connections. Mitie believes that these businesses, along with ESM Power will enable it to provide a full suite of power connections services of any size and voltage.
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