Pestalozzi advises Rentokil Initial on its Joint Venture with Haniel
The joint venture between Rentokil Initial plc (FTSE: RTO) and Haniel & Cie. Holding Company creates a leading provider of workwear and hygiene services in Europe by way of transfer of the respective Rentokil businesses into CWS-boco, a company owned by Haniel. In consideration for the transfer, Rentokil Initial will receive around EUR 520m in cash and a 18% stake in the joint venture, subject to completion adjustments. The transaction was signed on December 15, 2016 and closed on June 30, 2017 following merger control clearance.
Pestalozzi advised Rentokil Initial on all Swiss law aspects of the transaction, including the pre-closing restructuring and demerger of the workwear and hygiene businesses in Switzerland.