M&A · Industrials · Services-Management Services
Rentokil Initial plc to acquire Terminix Global Holdings Inc
Announced Dec 14, 2021 · Closed Oct 12, 2022
Deal value$6.70BEV $6.70B
Premium47.0%To unaffected price
EV / Adj. EBITDA19.4x3.3x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- Rentokil Initial plc
- Target
- Terminix Global Holdings Inc
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $6.70B
- Status
- Closed Oct 12, 2022
Deal protections
- Break fee (target pays)
- $200M · 3.0%
- Reverse fee (buyer pays)
- $150M · 2.2%
- Go-shop
- —
- Financing
- —
Advisors
- To the acquirer
- Not disclosed
- To the target
- Lazard
- Lazard fee
- $45.0M
Sector context · Industrials
- Comparable deals
- 49 in the prior 24 months
- Premium
- 47.0% vs. 39.0% sector median
- EV / Adj. EBITDA
- 19.4x vs. 11.6x sector median
- Break fee
- 3.0% vs. 2.8% sector median
Timeline
- AnnouncedDec 14, 2021
- Proxy filedSep 7, 2022
- Definitive proxySep 7, 2022
- Shareholder voteOct 6, 2022
- ClosedOct 12, 2022
Valuation · fairness opinions
Trading comparables$36.80$51.20
Precedent transactions$52.60$59.15
Discounted cash flow$42.90$56.35
Trading comparables$35.85$50.00
Discounted cash flow$32.95$43.55
Implied value per Terminix Global Holdings Inc share by analysis, from Lazard.