Founder Richard Harpin to reap £300mn windfall from takeover by Canadian group
Canada’s Brookfield Asset Management has struck a £4bn deal for Homeserve, the UK home repairs and emergency services group, the latest in a string of takeovers in the London market.
The deal marks the end of 18 years on the London Stock Exchange for Homeserve, which was founded by chief executive Richard Harpin as a joint venture with South Staffordshire Water in 1993 before listing in 2004.
Although the price represents a 71 per cent premium on Homeserve’s share price on March 23, the day before Brookfield’s interest emerged, it is lower than the £13.65 the stock touched in August 2020 when the group was seen as a “pandemic winner”.
Harpin still owns a 7.4 per cent stake in the business, which will yield him about £300mn if shareholders back the sale. His wife owns a further 4.8 per cent stake.
Read more: FT
