LONDON (Reuters) - Home insurance company Homeserve (HSV.L) on Tuesday said it had acquired French warranty group Societe Francaise Garantie (SFG) for 24 million pounds from France’s April Group.
The purchase will see Homeserve, which provides cover for a range of household emergencies, expand its footprint in the European warranty market.
“This acquisition represents a very significant step forward in our plans to extend our successful UK warranty business to other European markets,” Homeserve Chief Executive Richard Harpin said in a statement.
SFG, which provides extended warranty services for electrical appliances, operates a network of subcontracted repair engineers throughout France and reported pretax profit of 3.3 million pounds for the year ending December 2008.
Reporting by Rhys Jones; editing by Mark Potter