Clayton Dubilier & Rice Inc. has agreed to buy Illinois-based ServiceMaster Co., U.S. owner of TruGreen ChemLawn and Terminix pest control, for about $4.7 billion, according to Bloomberg.com.

The firm, which places exectutives atop companies with multiple divisions, will attempt to bring the company's separate units — such as Furniture Medic and Merry Maids — closer together.

The firm will pay $15.63 a share in cash for the company, 16 percent higher than the March 16 closing price. The deal, including debt, values the company at $5.5 billion.

To read this full report, click here.