Rentokil to complete acquisition of Terminix for $6.7 billion. Here are 5 things to know

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Terminix posts its new signage on their corporate headquarters, replacing ServiceMaster on the Peabody Place building downtown on Tuesday, Oct. 5, 2021.
Terminix posts its new signage on their corporate headquarters, replacing ServiceMaster on the Peabody Place building downtown on Tuesday, Oct. 5, 2021.

Rentokil, a United Kingdom-based global pest control business, is expected to complete its $6.7 billion acquisition of Memphis-based Terminix this week.

Here are five things to know about the deal.

What’s the latest on Rentokil’s acquisition of Terminix?

On Thursday, Rentokil and Terminix announced their respective shareholders had voted to approve the deal about 10 months after the transaction was announced in December.

“We are pleased that our shareholders overwhelmingly supported the recommendation of our Board and affirmed our merger with Rentokil,” Terminix CEO Brett Ponton said in a statement. “I want to thank the dedicated Terminix teammates who delivered strong performance and excellent customer service while simultaneously planning for integration. We now turn our attention towards executing our robust integration plans and creating additional value for our stakeholders.”

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Rentokil’s acquisition of Terminix is expected to close on Oct. 12, according to a news release.

In the announcement regarding the shareholders vote, Rentokil confirmed Ponton was appointed CEO of its North American region. The appointment will become effective once the transaction is complete.

What will Rentokil look like after its acquisition of Terminix?

Once the deal is completed, the newly combined group, named Rentokil Terminix, will have 56,000 employees serving nearly 5 million customers around the world from 790 locations.

“The enlarged business will have a strong platform for growth, particularly in North America, and an attractive financial profile to support future growth, including through acquisitions and continued investment in innovation and technology,” Terminix said in a news release.

The company will be traded on both the New York Stock Exchange and the London Stock Exchange.

Brett Ponton will be CEO of the North American region after Rentokil completes its acquisition of Terminix.
Brett Ponton will be CEO of the North American region after Rentokil completes its acquisition of Terminix.

How will the Rentokil-Terminix deal affect Memphis?

Terminix currently has about 1,000 employees in Memphis, according to comments from a Terminix spokesperson in December.

A Terminix spokesperson reiterated in a Monday email that Rentokil was committed to keeping a Memphis presence.

Ted Townsend, chief economic development officer and incoming president/CEO of the Greater Memphis Chamber, offered the following statement on Terminix:

"There's no question globally recognized firms see Memphis and its companies as attractive investments. Our hope and expectation is that Rentokil will continue to invest in Memphis, which has helped shape Terminix and its culture since the company's founding here in 1927."

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What to know about Terminix

Terminix provides pest management services and protection against termites, mosquitoes, rodents and other pests.

The Memphis-based company has 11,500 employees and 2.9 million customers in 24 countries and territories. Terminix visits more than 50,000 homes and businesses every day.

Terminix, which was founded in Memphis in 1927, was the largest business within the former ServiceMaster Global. Its headquarters are currently located in Downtown Memphis.

What to know about Rentokil

Rentokil, founded in 1925, is the world’s leading commercial pest control services provider.

Rentokil operates in 87 countries and has more than 44,000 employees globally.

Commercial Appeal reporter Corinne S Kennedy contributed to this report.

Omer Yusuf covers the Ford project in Haywood County, residential real estate, tourism and banking for The Commercial Appeal. He can be reached via email Omer.Yusuf@commercialappeal.com or followed on Twitter @OmerAYusuf.

This article originally appeared on Memphis Commercial Appeal: Terminix-Rentokil acquisition: What we know about deal, Memphis impact

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