CAMFIL HVAC Filtration Solutions

European Divestments Pave Way for Rentokil Initial Takeover of Terminix

Terminix has entered into a definite agreement to divest its pest management businesses in the United Kingdom and Norway in response to regulatory stipulations relating to its pending acquisition by Rentokil Initial plc.

The Divestment is expected to close in the next 30 to 60 days, subject to limited closing conditions. Terminix expects to record a loss on the sale of these assets in the period ending June 30, 2022. Together, the two businesses were expected to generate approximately US $60 million in revenue and less than US $10 million in Adjusted EBITDA for the full year 2022.

“I want to thank the Norway and United Kingdom teams for their dedication and commitment to our Company and customers while at Terminix,” says Terminix CEO, Brett Ponton. “Both businesses are well positioned in attractive pest control markets for continued growth and margin expansion under experienced new ownership. Terminix is excited to take another step forward in the pending Rentokil merger as we remain on track for completion in the second half with a targeted closing by the end of the third quarter.”

Completion of the Divestment and the previously announced completion of the antitrust review process in the US will satisify two of the closing conditions to the Company’s pending merger with Rentokil. Remaining conditions to be satisified include approval by the Company’s and Rentokil’s shareholders, and the registration of Rentokil’s American depository shares with the U.S. Securities and Exchange Commission and their listing on the New York Stock Exchange.

Both parties continue to make good progress on satisfying these remaining conditions and the transaction remains on track for completion in the second half of 2022, with a targeted closing by the end of the third quarter.

CAMFIL HVAC Filtration Solutions

Staff Reporter covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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