Mitie, a British strategic outsourcing and energy services company, sold its social housing business to Mears Group, a housing and social care provider. The consideration comprises an initial payment of £22.5m, payable in cash at completion, subject to a completion accounts adjustment mechanism, and a deferred consideration of up to £12.5m. This acquisition has many benefits for the Mears Group, most notably further building their leadership in the Repairs and Maintenance market and bringing together innovation and best practice for the benefit of clients, tenants and staff.