Homeserve shares surge on Brookfield bid talks

HomeServe shares surged on Friday after the repair services firm revealed it was in talks Canada's Brookfield Asset Management for a possible offer.

The announcement, made after market close on Thursday, followed a disclosure last month from the Canadian property investment group that one of its private infrastructure funds was in the early stages of considering a possible offer.

HomeServe cashed in on surging demand during the Covid-19 lockdowns as home-bound customers spent more on renovations. It focuses on selling home repairs insurance, mostly to customers of water and electricity utilities, and has operations in Britain and the US.

The FTSE 250 firm said Brookfield now has to announce a firm intention to make an offer for HomeServe by May 19.