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TOP NEWS: Homeserve says conditions for takeover by Brookfield met

ALN

Homeserve PLC on Wednesday said all conditions have been satisfied for its proposed £4.08 billion takeover by Brookfield Infrastructure Partners LP, while it seeks to delay completion until the new year due to the Christmas holiday period.

The Walsall, England-based home emergency repairs provider said the proposed takeover was of its entire share capital by Hestia Bidco Ltd, a subsidiary of Brookfield.

Homeserve said it and Hestia confirmed all conditions relating to merger control and other regulatory approvals have either been satisfied or waived.

The takeover agreement is subject to a court sanction expected on December 21.

Homeserve intends to delay the delivery of the subsequent court order from December 23 until January 4, 2023, due to the original date’s proximity to the Christmas holiday period and to allow Brookfield time to draw funds for payment to Homeserve shareholders.

It said it then expects completion of the takeover on January 4, which was originally agreed in May. Payments to shareholders will then be paid on January 18, Homeserve said.

It also agreed with Brookfield it would not seek sanction on December 21, as it will opt for a later date, likely after the holiday period.

Shares in Homeserve were up 0.4% to 1,196.00 pence each in London on Wednesday morning.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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