Brookfield has agreed to buy British home repair services firm HomeServe for $5 billion. As aimeedonnellan wrote last month, the deal gives the Canadian fund manager increasing scale in one of the energy transition’s key growth areas. Re-read the view
HomeServe said on April 21 it is in talks with Canada’s Brookfield Asset Management regarding a possible offer for the home repair services firm.
Following a sharp rise in HomeServe’s shares on March 24, the Canadian property investment group announced, after market close, that one of its private infrastructure funds was in the early stages of considering a possible offer for the British company. The British firm focuses on selling home repairs insurance, mostly to customers of water and electricity utilities, and has operations in Britain and the United States.
The FTSE 250 firm said Brookfield now has to announce a firm intention to make an offer for HomeServe by May 19 or walk away. Shares of HomeServe had as of April 25 risen about 15% to 971 pence compared to April 21, valuing the British firm at about 3.3 billion pounds.People walk to Brookfield Place off Bay Street on the day of the annual general meeting for Brookfield Asset Management shareholders in Toronto, May 7, 2014.
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