Homeserve completes USA deal
Homeserve, the home emergency repair company based in Walsall, has announced it has completed the acquisition of National Grid's Energy Services' service contract business in the USA. The net consideration paid was £9.7m.
The gross consideration of £18.9m was reduced by net liabilities of £9.2m.
Jonathan King, chief executive HomeServe USA, said: "We are delighted to have completed this acquisition and look forward to working with our new colleagues and customers.
"The 340,000 policies acquired as part of the acquisition takes our policy base to over 1.1m and firmly establishes HomeServe USA as the leading provider of home emergency solutions to US customers."
The company announced last month that the business had grown and membership had developed throughout the first half of the year, in the company’s interim statement for the period 1 April to 30 July 2010, which coincided with the company’s AGM.
The business said policy numbers had increased and retention rates remain high across all territories. It added that it is “on track to achieve its customer growth and retention targets for the full year".
