(Alliance News) - Rentokil Initial PLC on Tuesday said its acquisition of Terminix Global Holdings Inc has completed the required antitrust process in the US, meeting one of the deal's principal conditions.
In December, Rentokil had announced the deal to buy, Memphis, Tennessee-based pest control firm Terminix for USD6.7 billion in cash and shares.
Concerning the acquisition of Terminix by the Crawley, England-based pest control and hygiene services provider, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has now expired, marking the fulfilment of the US antitrust process.
The remaining conditions include approval from Rentokil and Terminix's shareholders, and the registration and listing of Rentokil's American Depositary Shares on the New York Stock Exchange.
Rentokil is aiming for the acquisition to be completed by the end of the third quarter of 2022.
Shares in Rentokil were down 1.1% at 481.70 pence on Tuesday in London. Terminix's shares closed 0.3% lower at USD40.20 on Monday in New York.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Rentokil Initial (RTO)