Outsourcer Mitie bulks up with $340 million Interserve purchase

(Reuters) - Mitie Group said on Thursday it would buy rival Interserve's facilities management arm for 271 million pounds in cash and shares, using its financial muscle to gain scale in Britain's huge outsourcing industry at a time when others are struggling. London-based Mitie, which has a smaller focus on the public sector than Interserve, embarked on a cost-savings drive to revive its fortunes since Chief Executive Officer Phil Bentley took over in 2016. In results published along with..