Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Homeserve PLC on Friday said it continues to trade as expected ahead of its takeover by Brookfield Infrastructure Partners LP, which should take place in the fourth quarter of this year.
Back in May, the Walsall, England-based home repairs company said it had reached an agreement for a £4.08 billion takeover by Hestia Bidco Ltd, a subsidiary of Brookfield.
Brookfield offered 1,200p per share in cash for each Homeserve share. This represented a 71% premium to Homeserve's closing price on March 23, being the last business day before the start of the offer period.
On Friday, Homeserve said: ‘Brookfield and HomeServe are making good progress on submitting all the regulatory and competition notifications and pre-notifications required to complete the transaction.’
It added that the acquisition is expected to close in the fourth quarter of 2022.
Further, Homeserve said that in the period from April 1 to July 21 it continued to trade in line with its expectations.
The company added that its Membership business in North America and EMEA made good progress, with ‘policy retention rates remaining strong and customer service levels remaining high.’
Its Home Experts arm was hit by a ‘moderation’ in consumer demand in the UK, however the number of trades on Checkatrade passed 47,000 as trade retention continued to improve.
Shares in Homeserve were down 0.1% to 1,178.00p each in London on Friday morning.
Copyright 2022 Alliance News Limited. All Rights Reserved.