Last checked at 8 Jun 2017 11:40
8 June 2017
European Commission Unconditional Clearance: Rentokil Initial Joint Venture with Haniel
Rentokil Initial plc (FTSE: RTO, "the Company") and Franz Haniel & Cie. GmbH ("Haniel") announced on 16 December 2016 that they had entered into an agreement to form a joint venture, creating a leading provider of Workwear and Hygiene services in Europe, and that completion of the transaction would be conditional on receipt of competition clearance from the European Commission.
The European Commission has today cleared the formation of the joint venture under the EC Merger Regulation unconditionally. There are no further conditions to completion of the transaction.
Having also now completed all necessary employee information and consultation procedures, including receiving 'positive advice' from the Netherlands Works Council, the transaction is expected to complete on or around 30 June 2017.
ENDS
Notes to editors:
Rentokil Initial
Rentokil Initial is one of the largest business services companies in the world, operating in over 65 countries and employing 38,000 colleagues. The Company offers route-based services including Pest Control, Hygiene and Workwear through teams of local experts. For more information, visit www.rentokil-initial.com.
Joint Venture: Background
The joint venture brings together Rentokil Initial's Workwear and Hygiene businesses in 10 countries principally in the Benelux and Central & Eastern Europe regions, together with Haniel's businesses in 17 countries which operate under the CWS-boco brand. The JV will have revenues of c. €1.1bn and APBITA of c. €130m (12 months to 30 June 2016).
Enquiries:
Investors / Analysts: | Katharine Rycroft | Rentokil Initial plc | 07811 270734 |
Media: | Malcolm Padley | Rentokil Initial plc | 07788 978 199 |
| Ben Woodford/Sam Cartwright | Bell Pottinger | 0203 772 2588 |