Homeserve to acquire rest of Doméo SA
Repair services firm HomeServe is set to acquire Veolia Environnement's 51% share of Doméo SA, giving HomeServe 100% ownership, for a consideration of £83m.
Repair services firm HomeServe is set to acquire Veolia Environnement's 51% share of Domo SA, giving HomeServe 100% ownership, for a consideration of £83m.
The two firms have also agreed a long term marketing agreement which allows for continued use of Veolia's brands by Domo in France.
Domo SA, a provider of insured home emergency policies, generated an aggregate profit after tax for the year ended 31 March 2011 of £11.3m. Gross assets at 31 March 2011 were £53.7m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The consideration will be paid in cash at completion and will be funded through existing bank facilities. Domo's revenues and profits are weighted to the final part of the financial year, where it is expected to generate around 45% and 60% of its revenues and operating profits respectively in the final four months of the year ended 31 March 2012. The transaction is expected to be earnings accretive in its first full year.
Richard Harpin, group chief executive of HomeServe said: "This agreement will also enable us to continue our important trading relationship with Veolia in France through our new long term marketing agreement in addition to our agreements in the UK and our testing with Veolia Aqua in Italy."
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Paying the grandkids’ school fees could generate a shock IHT bill
Private school fees have soared as a result of the government’s VAT policy, meaning more grandparents are helping out – but what are the tax implications?
-
Number of savings deals hits record high – as interest rates slump to two-year low
Savers have more choice than ever when it comes to choosing a savings account or cash ISA. But, the interest rates on offer continue to fall. What’s next for the savings market?