May 23, 2022 | Industrials | Europe | Active

HomeServe / Brookfield Asset Management: Deal Insights


British repair and emergency services provider HomeServe has agreed to be sold to Canada’s Brookfield Asset Management for £4.1bn under a UK scheme of arrangement. Under the terms, announced on 19-May-22, Brookfield will pay 1,200p for each HomeServe share, representing a 71% premium to HomeServe’s closing share price on 23-Mar-22, the last business day before the companies publicly disclosed a possible offer. Since that time, HomeServe said it received a number of conditional offers from Brookfield, which needed extensions to its PUSU before agreeing to a firm deal. If any dividends are paid by HomeServe, Brookfield reserves the right to reduce the offer price by such amount paid. Scheme effectiveness is subject to approval by at least 75% of HomeServe shareholders and 12.8% of the company's shares – held by the target’s board (8.01% stake, inclusive of founder Richard Harpin (7.38%)), plus Katherine Harpin (4.76%) – support the deal. Other conditions include...



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