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Rollins Acquires HomeTeam Pest Defense for $137 Million

Mar. 31, 2008 (Thomson Financial delivered by Newstex) –

ATLANTA (AP) - Rollins Inc. (NYSE:ROL) said Monday it has agreed to buy Centex (NYSE:CTX) Corp.’s pest-control business, HomeTeam Pest Defense, for $137 million.

The exterminator company, which also owns Orkin, PCO Services, Western Pest Services and The Industrial Fumigant Co., expects the deal to close in early April.

HomeTeam is the nation’s third-largest residential pest-control company, Rollins said, and its buyout will put Rollins at or near the top spot. Terminix has historically been the largest by revenue but went private last year after Clayton, Dubilier & Rice bought parent company ServiceMaster Co. for $4.57 billion.

‘This should put us neck and neck — if we’re not larger, we’re a little smaller’ than Terminix, Chief Financial Officer Harry Cynkus said in an interview.

HomeTeam serves about 400,000 U.S. customers and has 50 offices in 13 states. Dallas-based Centex said the sale will generate cash and allow it to focus on its core homebuilding businesses.

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