Homeserve buys CET Structures for £53m
HomeServe on Wednesday said it had bought CET Structures, a UK home emergency assistance business, for £53m and added that current trading was in line with guidance.
CET provides outsourced emergency plumbing, heating and electrics services to home insurance policy holders on behalf of consumer brands, via its digital claims handling and job management platform.
HomeServe has acquired the CET on a debt free, cash free basis, and is funding the deal through existing debt facilities. The transaction is expected to be modestly enhancing to HomeServe's adjusted earnings per share in the current financial year.