Brookfield Asset Management has struck a £4bn deal for HomeServe in one of the largest private takeovers in the London market this year.
The deal marks the end of 18 years on the London Stock Exchange for the UK home repairs and emergency services group, which was founded by chief executive Richard Harpin as a joint venture with South Staffordshire Water in 1993 before listing in 2004.
It has since become one of the largest home emergency businesses in the UK, with growing operations in the US, Europe and Asia.
Brookfield said on Thursday that it would pay £12 a share for HomeServe through its infrastructure funds.
The price represents a 71% premium to HomeServe’s share price on 23 March, the day before Brookfield’s interest emerged, but it is lower than the £13.65 the stock touched in August 2020 when the group was seen as a “pandemic winner”.
HomeServe fixes pipes and boilers, operates an online portal for tradespeople and is branching out into electric charging and other services.
