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Mitie Group Plc Acquires Rock Power Connections - Quick Facts

Mitie Group plc (MTO.L) has acquired Rock Power Connections Limited, an Independent Connections Provider. The consideration comprises an initial payment of 10 million pounds, with two deferred payments in aggregate of up to 4.5 million pounds by the end of fiscal 2023. Mitie Group said the acquisition will be accretive to earnings in the first 12 months of ownership.

Rock specialises in the design and installation of new high voltage electricity supplies, the renewal of industrial and commercial customers' electrical assets up to 132kV, and the EV charging installation for non-residential blue-chip customers.

Phil Bentley, CEO, Mitie, said: "As we expand the support Mitie Energy gives our clients, the acquisition of Rock will allow Mitie to capture a greater share of the fast growing High Voltage electric vehicle charging market."

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