Rentokil Initial Agrees to Sell SOLitude Lake Management to Bain Capital
MT Newswires Live
Sep 22
Rentokil Initial (RTO) said Tuesday that it has agreed to sell SOLitude Lake Management and its Vertex Aquatic Solutions division to Bain Capital for $230 million on a cash-free, debt-free basis.
The company said it estimates net cash proceeds from the sale of $180 million after tax.
The sale reduces leverage, supports investments in organic growth and bolt-on mergers and acquisitions, the company said, adding that the deal also enables a progressive dividend and shareholder returns.
Rentokil expects the sale to close by early Q4.
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