TMX - Terminix Global divests pest management businesses in UK Norway

Terminix Global (NYSE:TMX) said Wednesday it divested its pest management businesses in the U.K. and Norway. The businesses were acquired by Norvestor VIII SCSp, a fund managed by Nordic mid-market private equity firm Norvestor Advisory. TMX expects to record a loss on the sale of these businesses in the period ending Jun. 30. The businesses were expected to generate ~$60M in revenue and less than $10M in adj. EBITDA during 2022. The divestment and the completion of the antitrust review process in the U.S. satisfy two of the closing conditions to TMX's pending merger with Rentokil. Remaining conditions to be satisfied include approval by TMX's and Rentokil's shareholders as well as the registration of Rentokil's American depositary shares with the SEC and subsequent listing on NYSE. The merger remains on track for completion in H2 of 2022, with a targeted closing by the end of Q3.

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Terminix Global divests pest management businesses in UK, Norway