UTC in £595 Million Offer for Rentokil’s Initial Electronic Security Division
April 12, 2007
Cleary Gottlieb is representing UTC Fire & Security, a unit of United Technologies Corporation (UTC), in its offer for Rentokil’s electronic security division, Initial Electronic Security Group (IESG). UTC’s offer values IESG at £595 million, payable in cash at closing. The deal is expected to close by the end of June.
UTC Fire & Security, a unit of United Technologies Corporation, is headquartered in Farmington, Connecticut and provides fire safety and security solutions to more than one million customers worldwide. Rentokil Initial is one of the largest business services companies in the world, providing support services in over 40 countries under the Rentokil and Initial brands. IESG is a leading provider of electronic security services to customers across the UK, France, the Netherlands and the U.S.
The sale transaction involved a competitive auction process. Closing of the transaction is conditional upon regulatory approvals and employment council consultations in France and the Netherlands.