Rentokil Initial plc (FTSE: RTO) and Haniel & Cie. Holding Company in December 2016 entered into an agreement to form a joint venture, creating a leading provider of Workwear and Hygiene services in Europe with combined revenues of c. €1.1bn.

The joint venture brings together Rentokil Initial’s Workwear and Hygiene businesses in 10 countries principally in the Benelux and Central & Eastern Europe regions, together with Haniel’s businesses in 17 countries which operate under the CWS-boco brand.

In consideration for the transfer, Rentokil Initial will receive around €520m in cash and ac. 18% stake in the joint venture.

Eversheds Sutherland Sweden has acted local counsel in Sweden in the transaction and the internal restructurings. Eversheds Sutherland’s team consisted of primarily Gabriel Albemark, Tord Svensson and Eva Nyman.