(Reuters) - Janitorial services provider ABM Industries Inc said it would buy privately held rival GCA Services Group for about $1.25 billion, more than tripling revenue at its high-margin business that provides services to schools and colleges.
Shares of ABM rose as much as 5.4 percent to $42.90, their biggest intraday percentage gain in more than four months.
GCA Services is owned by Goldman Sachs Group Inc and private equity firm Thomas H Lee Partners LP. It provides janitorial and custodial services to more than 3,200 public schools and over 80 colleges and universities across United States.
More at source: Reuters
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