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Terminix to Divest UK and Norway Businesses to Close Rentokil Merger.

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Vincent

MANews-(C)2009-2022

US-based termite and pest management services provider Terminix Global Holdings, Inc. (NYSE: TMX) has entered into a definitive agreement to divest its pest management businesses in the U.K and Norway, the company said.

These businesses are being divested by Terminix as a condition to the closing of its pending merger with British pest control group Rentokil Initial plc, (OTC: RTOKY).

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 USD 60m in revenue and less than USD 10m in Adjusted EBITDA for the full year 2022.

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...

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