Canadian home services company Enercare Inc said on Wednesday it would be bought by Brookfield Infrastructure Partners for $4.3 billion (US$3.30 billion) as the asset management firm looks to expand its business across Canada.
Brookfield Infrastructure’s offer of $29 per Enercare share represents a 53 percent premium to Enercare Tuesday’s close.
On Tuesday, Brookfield Infrastructure’s Toronto-based parent company, Brookfield Asset Management, said it would buy Forest City Realty Trust Inc in a deal valued at US$11.4 billion.
Update: Based in Markham, Ontario, Enercare provides water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. It serves about 1.6 million Canadian and U.S. customers annually.
The sale to Brookfield Infrastructure has been approved by the company’s board and is expected to close in the fourth quarter.
(Reporting by Laharee Chatterjee in Bengaluru)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)