ServiceMaster Global to Sell ServiceMaster Brands for $1.553B

ServiceMaster Global Holdings in agreement to sell its ServiceMaster Brands businesses to an affiliate of Roark Capital, for $1.553 billion.

• Sees deal closing in about 30-60 days
• Company expects net proceeds of over $1.1 billion from the divestiture after paying approximately $420 million in taxes
  • Company says proceeds to be used by Terminix for debt reduction, organic and inorganic investments in pest control and return to shareholders
• Affirms 3Q continuing operations revenue guidance between $495 million and $515 million
• Affirms 3Q continuing operations Adjusted EBITDA guidance between $80 million and $90 million
• Affirms 3Q ServiceMaster Brands revenue guidance between ...