7th Sep 2022 19:10
(Alliance News) - Homeserve PLC will return to the FTSE 100, for a potentially brief stint, as part of index changes stemming from the buyout of cybersecurity firm Avast PLC.
Avast in August 2021 agreed to be bought out by Tempe, Arizona-based peer NortonLifeLock Inc in a deal worth USD8.6 billion at the time. The acquisition was approved by UK regulators Friday last week.
The deal frees up a spot on London's FTSE 100 index and operator FTSE Russell - part of London Stock Exchange Group PLC - said the position will be filled by home repairs company Homeserve.
Homeserve is set to be acquired itself, however. The Walsall, England-based company in May reached an agreement for a GBP4.08 billion takeover by Hestia Bidco Ltd, a subsidiary of Brookfield. Homeserve shareholders approved the deal in July.
Homeserve, currently part of the FTSE 250 index, will be replaced there by content creation-focused hardware and software firm Videndum PLC.
The changes come to effect on Monday.
By Eric Cunha; [email protected]
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