Rentokil Initial on the up after purchase

The price of shares in pest control specialist Rentokil Initial (LON:RTO) has risen by 0.22% to 455.50p (as of 15:05 GMT) as it announced the acquisition of US-based Florida Pest Control. The deal is expected to complete in the immediate future and will contribute roughly £50 million in annual revenues.

CEO Andy Ransom commented: “Florida Pest Control is a high-quality business with a great reputation for service delivery. Both companies have shared values focused on supporting colleagues and providing a great service for customers, and I’d like to welcome our new colleagues to Rentokil Initial.

“This acquisition is very much in line with our strategy to acquire pest control businesses that build customer density and add to our scale in key local markets, and will make a strong contribution towards our North American revenue and margin targets“.