BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - Rentokil Initial plc has entered into an agreement for the intended sale of its Workwear business in France with H.I.G. Capital. France Workwear comprises Rentokil Initial's workwear, flat linen and clean room business in France. The proposed deal values France Workwear at a gross enterprise value of approximately 410 million euros on a cash-free debt-free basis including an earn-out mechanism with a maximum value of 30 million euros linked to the performance of the business in 2026. Total net cash proceeds are expected to be approximately 370 million euros.
Andy Ransom, Chief Executive of Rentokil Initial, said: 'This transaction is a further important step in the execution of our strategy to focus the company on Pest Control and Hygiene & Wellbeing, where we are a market leader.'
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