OneSource Services Inc. has announced that it has signed a definitive agreement with ABM Industries Incorporated whereby ABM will acquire the entire issued share capital of OneSource for $365m (approximately £179m) payable in cash at closing. ABM is a leading provider of outsourced facilities services in the United States.

The aggregate consideration of $365m represents approximately £48.10 per share compared with the closing mid-market price on the London Stock Exchange Alternative Investment Market on Friday, October 5, 2007 of £6.65. For the year ended March 31, 2007, OneSource reported revenues of $824.6m (£420.2m), income before income taxes of $1.8m (£0.9m) and a net loss of $1.9m (£1m). Excluding goodwill, net liabilities of OneSource at March 31, 2007 amounted to $4.7m (£2.4m).

The transaction is subject to regulatory and other customary approvals and is expected to close in November 2007. On closing of the transaction OneSource's shares will cease to be admitted to trading on AIM.

The agreement has been approved by the boards of directors of both companies. Lord Ashcroft KCMG, OneSource’s Chairman who has an interest in approximately 74 per cent. of the issued share capital of OneSource, has signed a resolution approving the Transaction in his capacity as the majority shareholder of OneSource and no other approval of OneSource shareholders is required.

Lord Ashcroft said, “This is the right move at the right time for OneSource, our clients and our employees.  ABM shares our commitment to world-class facilities services and customer satisfaction, and I am proud that OneSource, which has some of the best people in the business, will play an integral role in making ABM even more competitive in an increasingly globalized market.”