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HomeServe Says Trading In Line; Sees Brookfield Transaction Closing In Q4

HomeServe plc (HSV), a home repairs and improvements business, on Friday said that trading for the period 1 April to 21 July has been in line with HomeServe's expectations.

The company said that during the seasonally quieter period, its Membership businesses in North America and EMEA continued to make good progress, with policy retention rates remaining strong and customer service levels remaining high.

HomeServe said it continues to execute its HVAC buy and build strategy across all of its established territories, with the first quarter seeing acquisitions in North America, the UK, France and Spain.

In Home Experts, despite a moderation in consumer demand in the UK, the number of trades on Checkatrade passed 47,000, which the company attributes to the flexibility offered by Checkatrade's tiered subscription packages.

The company also informed that Court and General Meetings, as set out in the Scheme Document published on 16 June, to seek shareholder approval for the recommended cash offer by Bidco, for the entire issued and to be issued share capital of HomeServe, are taking place on Friday.

Hestia Bidco Limited, an indirect subsidiary of funds advised or managed by affiliates of Brookfield Infrastructure Partners L.P. had on 19 May 2022, announced a recommended offer for HomeServe, for which it ascribed an equity value of approximately 4.1 billion pounds.

The company also said that both the company and Brookfield are progressing with submitting all the regulatory and competition notifications and pre-notifications required to complete the transaction, which is still expected to close in the fourth calendar quarter of 2022.

Shares of HomeServe closed Thursday's trading at 1,179 pence, up 1 pence or 0.08 percent from the previous close.

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