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Rentokil Initial PLC on Wednesday dubbed itself the ‘leading global pest control company’, after completing its acquisition of pest-control business, Terminix Global Holdings Inc.
Terminix stockholders are entitled to approximately $1.34 billion in cash, and 129.1 million new Rentokil American depositary shares.
The Sussex, England-based pest-control firm announced the deal to buy Terminix in December 2021 for $6.7 billion in cash and shares.
Under the terms of the agreement, each Terminix stockholder was entitled to either cash or stock for each Terminix share they held.
Now the transaction is complete, Rentokil's issued share capital consists of 2.51 billion ordinary shares, carrying one vote each.
The consolidation of Terminix has started with effect from completion.
Chief Executive Officer of Rentokil, Andy Ransom, said: ‘This marks an important milestone in Rentokil Initial's history with the combination adding valuable scale, capabilities and talent as well as the wonderful Terminix brand.’
Chief Executive Officer of Terminix, Brett Ponton, also expressed his excitement to be joining ‘a company of Rentokil Initial's pedigree’.
‘Our aim is to create a world class organisation in North America with best of breed technologies, systems and operations, driven forward by the hugely talented people of both organisations. The Terminix team appreciates the trust placed in us by Rentokil Initial and is ready to become part of its growth story,’ he said.
Rentokil also announced the appointment of David Frear as non-executive director with immediate effect. Frear has been a non-executive director of Terminix since January 2021
Rentokil shares were trading 0.1% higher at 474.00 pence each in London on Wednesday afternoon.
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