Rentokil Initial Regulatory News (RTO)

2 Jul 2007 16:27

Rentokil Initial PLC02 July 2007 2 July 2007 Sale of Initial Electronic Security Group Further to the announcement on 30 March 2007 of the proposed sale of itselectronic security businesses to United Technologies Corporation for £595million, Rentokil Initial plc announces that various conditions of thetransaction, including employee works council approvals and European Commissionclearance, have now been met and that therefore the sale of the UK business,Initial Fire & Security, the Netherlands business, Initial Varel Security andthe USA business, Initial Electronics, has today been completed. The sale ofthese businesses represents approximately 85% of the total offer value forInitial Electronic Security Group. The proceeds were received in cash. The sale of the French business, Initial Delta Securite, remains conditionalupon French regulatory approval. The process for obtaining this approval isongoing. Ends Notes to Editors Initial Electronic Security Group The businesses within Initial Electronic Security Group (IESG) - principallycomprising Initial Fire & Security, Initial Varel Security, Initial DeltaSecurite and Initial Electronics - are leading providers of electronic securityservices to commercial and public sector customers in the UK, the Netherlands,France and the USA respectively. Rentokil Initial Rentokil Initial is one of the largest business services companies in the world,operating in all the major economies of Europe, North America, Asia Pacific andAfrica. The company has some 70,000 employees providing a range of supportservices in over 40 countries where the 'Rentokil' and 'Initial' brands havecome to represent innovation, deep expertise and consistent quality of service.Services include textiles and washroom services, pest control, tropical plants,parcels delivery and facilities services. For further information, please contact Rentokil Initial plc Malcolm Padley, Corporate Communications - 020 7866 3027/ 07788 978 199 Lisa Williams, Investor Relations - 020 7866 3028/07980 895 419 Brunswick Group Kate Holgate - 020 7404 5959/07974 982402 Tom Williams - 020 7404 5959/07834 502 361 This information is provided by RNS The company news service from the London Stock Exchange