MEMPHIS, Tenn. — ServiceMaster Global Holdings, which is headquartered in Memphis, said Wednesday it has reached an agreement to sell its ServiceMaster Brands franchise.

The $1.5 billion transaction is between ServiceMaster and Roark Capital. The deal is expected to close in 30 to 60 days.

At the closing of the sale, ServiceMaster Global Holdings will change its name to Terminix and focus on its pest control business. Terminix was founded in Memphis in the 1920s.

A company spokesperson said about 1,000 people at the downtown headquarters on Peabody Place work for either ServiceMaster GlobalHoldings or Terminix.

He said there are no plans at this time to reduce the workforce or relocate employees.

“I’m excited to know they still want Memphis to be their home,” City Council chairwoman Patrice Robinson said. “We welcome them here and want them to stay right here in Memphis.”

Jennifer Oswalt, president and CEO of the Downtown Memphis Commission, said the organization was not worried that the company would move out of the downtown location it has occupied since 2017.

“They chose downtown Memphis because they wanted a a dynamic place that fit them. We’re not worried,” Oswalt said.

The Terminix name may be an even better fit for downtown Memphis, she said. “We don’t see it as a bad thing.”