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(Sharecast News) - Pest control group Rentokil Initial said on Tuesday that a necessary antitrust process in the US regarding its proposed acquisition of Terminex had been completed, satisfying one of the principal conditions required for it to complete the transaction.
While Rentokil acknowledged that a number of other conditions remained to be satisfied, although it noted that these were being "actively progressed" by the company and Terminix, it highlighted that it was "pleased with the progress being made" in order to meet the remaining conditions.
The FTSE 100-listed group said all parties involved were now targeting a closing date for the acquisition towards the end of the third quarter of 2022. However, in order to provide "additional certainty" for all parties regarding the timing of the necessary steps to completion, Rentokil and Terminix amended the end date for the merger from 13 September to 31 December.
Rentokil expects the addition of Terminex to the group to create significant value, enhance long-term growth potential, be highly cash generative and present a compelling industrial logic.
