Terminix Satisfies a Key Closing Condition of the Rentokil Merger by Completing the Divestment of its U.K. and Norway Businesses
Terminix Global Holdings, Inc. (TMX)
Company Research
Source: Business Wire
MEMPHIS, Tenn.--(BUSINESS WIRE)--Terminix Global Holdings, Inc. (NYSE: TMX), a leading provider of essential termite and pest management services to residential and commercial customers, today announced it has completed the divestment of its pest management businesses in the U.K. and Norway (the “divestment”).The businesses were acquired by Norvestor VIII SCSp, a fund managed by Nordic mid-market private equity firm Norvestor Advisory. 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 $60 million in revenue and less than $10 million in Adjusted EBITDA for the full year 2022.Completion of the divestment and the previously announced completion of the antitrust review process in the U.S. satisfy two of the closing conditions to the Company’s pending merger with Rentokil Initial plc. Remaining conditions to be satisfied include approval by the Company’s and Rentokil’s s
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