ABM Industries agreed to buy OneSource Services for $365 million in cash. The transaction will be accretive to its earnings in Q2 after the deal is closed. The company also expects initial annual tax savings of $14 million. After the deal, the combined company will operate under the name of ABM, and will provide wide range of services, such as janitorial, parking, security, engineering and other services in the U.S. and Puerto Rico. ABM expects to achieve $28-32 million worth of cost synergies in FY 2008.
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