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ISS to buy British maintenance firm.

ISS International Service System, Inc. announced it has signed a "Letter of Intent" whereby, effective June 1, 1993, ISS will purchase from Nu-Swift pie, an English company quoted on the Unlisted Securities Market (USM) in London, the outstanding shares of the American service company, National Cleaning Group, Inc.

In their most recent fiscal year, which ended September 30,1992, National reported revenues of approximately USD500m. The Company employs approximately 20,000 workers.

The acquisition is contingent upon the approval of various authorities and upon a due diligence review of National, to be performed in the upcoming period. Provided that this review meets with ISS's conditions, the final purchase agreement is expected to be concluded before the end of June, 1993.
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Title Annotation:ISS International Service System Inc. acquires National Cleaning Group Inc. from Nu-Swift PLC
Publication:Real Estate Weekly
Date:May 19, 1993
Words:120
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