Offer for Rentokil security unit

Rentokil has been reshaping its business over the past 18 months

Rentokil Initial is set to sell its electronic security group to US firm United Technologies for £595m ($1.2bn).

Rentokil hopes to complete the sale by the end of June and plans to use the money to reduce its debts.

"This offer represents good value for shareholders," said Rentokil chief executive Doug Flynn.

The sale is part of a refocusing of Rentokil's interests to concentrate on faster growing businesses such as pest control and its City Link parcel unit.

Rentokil said the deal was conditional on the sale being cleared by regulators and on consultations with employee works councils in France and the Netherlands.