Commission Clears CWS-boco's Acquisition of Rentokil Initial Businesses for JV
The European Commission has given its approval under the EU Merger Regulation to the proposed acquisition of several Rentokil Initial businesses by CWS-boco, a German subsidiary of Franz Haniel & Cie.
Originally announced on 16 December 2016, the deal will combine Rentokil Initial's Workwear and Hygiene businesses in Austria, Belgium, the Czech Republic, Germany, Luxembourg, the Netherlands, Poland, Slovakia, Sweden and Switzerland with CWS-boco's businesses in 17 countries.
Rentokil Initial has described the deal as a joint-venture (JV).
The combined entities are expected to generate revenues in excess of €1 billion annually and adjusted profits before tax, interest and amortisation (APBITA) of around €130 million a year - predominantly from the provision of textile, cleanroom, washroom and dust mat-related services.