HomeServe USA Reaches Agreement To Sell Piedmont Policy Book - Quick Facts

(RTTNews) - HomeServe USA Corp. has entered into an agreement to sell to Piedmont Natural Gas Company (PNY), the book of policies that HSUSA has built during the two companies' affinity partner relationship. Piedmont will acquire the Piedmont Policy Book in two tranches, with the first tranche expected to complete late in HomeServe's fiscal year ending 31 March 2022 and the second due to complete early in the fiscal year ending 31 March 2023. The Piedmont Policy Book will come to an end in April 2022.

Currently, HomeServe USA Corp. expects to receive gross transaction proceeds of approximately $22 million, which will be satisfied wholly in cash in two tranches. HSUSA plans to re-invest the proceeds from the transaction into additional organic marketing activity across its other affinity partnerships. No employees of HSUSA will transfer to Piedmont.