Filing Represents Important Next Step in Creation of Two Independent, Publicly Traded Companies; Spin-Off on Track for Completion in Third Quarter of 2018
ServiceMaster
Global Holdings, Inc. (NYSE: SERV), a leading provider of
essential residential and commercial services, today announced that a
Form 10 Registration Statement was filed with the U.S. Securities and
Exchange Commission in connection with the planned spin-off of its
American Home Shield business.
“This filing marks an important next step in the planned spin-off of the
American Home Shield business,” said Nik Varty, ServiceMaster chief
executive officer. “The spin-off will create two independent companies
with proven long-term strategies, scale and financial strength that will
continue to be leaders in their industries. I applaud the incredible
efforts of our talented team, led by Dion Persson, senior vice president
of Strategic Planning and Business Development, over the last year, and
the work that went into this critical project aimed at delivering
significant ongoing value to our shareholders.”
The registration statement may be accessed at www.sec.gov
under the name frontdoor, inc. (“Frontdoor”), the new corporate name for
the parent company of the American Home Shield business. The
registration statement provides information regarding the business,
strategy, and historical financial results of the American Home Shield
business, as well as further details on the anticipated terms of
separation and distribution, employment matters, and tax matters
agreements between ServiceMaster and Frontdoor in connection with the
planned spin-off. Frontdoor expects to update its registration statement
in subsequent amendments as additional information is finalized prior to
the spin-off.
The spin-off of this business is subject to final approval by the
ServiceMaster Board of Directors, execution of intercompany agreements,
arrangement of financing facilities, the effectiveness of the
registration statement, and other customary conditions. ServiceMaster
has received a favorable ruling from the Internal Revenue Service
regarding the transaction. The separation will not require a shareholder
vote and is expected to be completed late in the third quarter of 2018.
Frontdoor has applied to list on the Nasdaq Global Select Market under
the symbol “FTDR.” Following the spin-off, ServiceMaster will continue
to trade on the New York Stock Exchange under the symbol “SERV.”
About ServiceMaster
ServiceMaster Global Holdings, Inc. is a leading provider of essential
residential and commercial services, operating through an extensive
service network of more than 8,000 company-owned locations and franchise
and license agreements. The company’s portfolio of well-recognized
brands includes American Home Shield (home service plans), AmeriSpec
(home inspections), Furniture Medic (cabinet and furniture repair),
Merry Maids (residential cleaning), ServiceMaster Clean (janitorial),
ServiceMaster Restore (disaster restoration) and Terminix (termite and
pest control). The company is headquartered in Memphis, Tenn. Go to servicemaster.com
for more information or follow the company at twitter.com/ServiceMaster
or facebook.com/ServiceMaster.
ServiceMaster Global Holdings, Inc.
Investor Relations:
Jesse Jenkins, 901-597-8259
Jesse.jenkins@servicemaster.com
or
Media:
James Robinson, 901-597-7521
James.Robinson@servicemaster.com