Simmons & Simmons is advising JP Morgan Cazenove and Numis Securities as joint sponsors on the Class 1 acquisition by Interserve of the facilities service business of Rentokil Initial plc, for a cash consideration of £250m (Acquisition). The acquisition is being part financed by a placing of new shares representing up to 9.9% of the issued share capital of Interserve to raise approximately £78m (Placing). Simmons & Simmons are also advising JP Morgan Cazenove and Numis Securities as joint bookrunners on the Placing.

The Simmons & Simmons team comprises Corporate partner Chris Horton, Corporate associate Matt Rogers, Corporate trainee Samantha Darby, Tax partner Nick Cronkshaw and Tax associate Laura Allwright.

The Simmons & Simmons equity capital markets team is developing a strong track record in the construction and support services sector having advised Rothschild, Investec and Liberum on a £75m firm Placing and Placing and Open Offer by Costain Group plc, which was announced yesterday, and having advised JP Morgan Cazenove and Numis Securities on the 2013 £221m acquisition of May Gurney by Kier Group.

The Interserve transaction is the third major transaction announced in three consecutive days that the Simmons & Simmons equity capital markets team has worked on, following the pricing of the £1.2bn London main market IPO of AO World and the £75m firm Placing and Placing and Open Offer by Costain Group plc.