Freshfields advises Rentokil Initial on its $6.7bn acquisition of Terminix
Freshfields is advising Rentokil Initial, the world’s leading commercial pest control and hygiene services provider, on its $6.7bn acquisition of Terminix, a leading provider of residential and commercial termite and pest management services. The acquisition will be undertaken through a US statutory merger in which Terminix shareholders will receive cash and new Rentokil Initial ADRs listed on the New York Stock Exchange for each of their Terminix shares. The acquisition requires antitrust approvals and the approval of both sets of shareholders. The deal is expected to close in H2 2022. The transaction will bring together two leading brands to create the global leader in pest control and hygiene & wellbeing, and the leader in the pest control business in North America – the world’s largest pest control market.
The Freshfields team working with Daragh Fagan – Group General Counsel - and Cate Sharp – Legal Director, M&A - is being led by partners Jennifer Bethlehem and Julian Long, supported by senior associate Rikin Morjaria, associates Katie Stenstrom and Madalena de Abreu, and trainees Helena Christensen and Miya Modhvadia. Antitrust advice was provided by partner Alastair Chapman and senior associate Harriet Drury. Tax advice was provided by partner Paul Davison, senior associate Samuel Withnall and associate Farhana Chowdhury. P&R advice was provided by partner David Mendel.