Terminix closer to completing merger with Rentokil

By , Daily Memphian Published: May 09, 2022 10:13 AM CT

Memphis-based Terminix Global Holdings Inc. took another step toward completing its merger with Rentokil. 

Terminix announced Monday, May 9, it has entered into a definitive agreement to divest its pest management businesses in the U.K and Norway. 

“I want to thank the Norway and United Kingdom teams for their dedication and commitment to our Company and customers while at Terminix,” said Terminix CEO Brett Ponton in a statement posted to the pest control company’s website. “Both businesses are well positioned in attractive pest control markets for continued growth and margin expansion under experienced new ownership.”


Terminix acquisition clears waiting period


The Divestment is expected to close in the next 30 to 60 days, and Terminix expects to record a loss on the sale of these assets in the period ending June 30. The two businesses were expected to generate $60 million in revenue for the full year.

Terminix announced in December 2021 it had agreed to be bought by the British company for $6.7 billion in stock and cash. 

The remaining conditions to be satisfied include approval by the Terminix’s and Rentokil’s shareholders and the registration of Rentokil’s U.S. depository shares with the U.S. Securities and Exchange Commission and their listing on the New York Stock Exchange.


Terminix to be acquired by Rentokil in $6.7B deal


According to the announcement from Terminix, “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.” 

Topics

Terminix Rentokil Brett Ponton
Rob Moore

Rob Moore

Rob Moore covers North Mississippi for The Daily Memphian. He holds a B.A. and an M.A. in English from The University of Memphis.


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