Terminix Shareholders Approve Merger with Rentokil Initial

Terminix Global Holdings, Inc., the Memphis, TN-based termite and pest management services company, has announced that its shareholders have adopted and approved a previously announced agreement for Terminix to be acquired by Rentokil Initial plc, a UK-based company that specializes in pest control and hygiene, including commercial air care and restroom needs.

The acquisition is expected to close today subject to satisfaction of customary closing conditions.

In addition to pest control and hygiene products for commercial settings, Rentokil Initial also operates in several smaller markets such as interior landscaping plants, medical services, and property care.

The aggregate merger consideration Terminix stockholders are entitled to is approximately $1.34 billion in cash and 129,141,384  new Rentokil Initial American Depositary Shares (ADSs), representing approximately 645,706,920 new Rentokil Initial ordinary shares, according to Rentokil Initial

“I am delighted to confirm completion of the Terminix transaction and would like to extend a warm welcome to our new colleagues, customers and shareholders joining the Rentokil Initial family,” said Andy Ransom, CEO of Rentokil Initial. “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. Following an intense period of successful preparatory work to position the businesses for effective integration, we are now focused on delivering the deal’s significant benefits. Rentokil Initial is well positioned for long-term sustainable and profitable growth as the new global leader in pest control and hygiene and wellbeing.”

“We are very excited to be joining a company of Rentokil Initial’s pedigree and to see the Terminix business we've built over 95 years embark on its next stage of development,” added Brett Ponton, CEO of Terminix.

Board Appointment

Rentokil Initial has appointed David Frear to the company’s board of directors as a non-executive director. Frear, who has been a non-executive director of Terminix since January 2021, will also become a member of the Rentokil Initial’s remuneration and nomination committees.