The Firm is representing Frontdoor, Inc. (NASDAQ: FTDR) in connection with its announced agreement to acquire 2-10 Home Buyers Warranty (“2-10 HBW”) in an all-cash transaction valued at $585 million. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and customary closing conditions.
Frontdoor, headquartered in Memphis, Tennessee, is a provider of home service plans, providing homeowners with comprehensive options to maintain and repair essential home systems and appliances. 2-10 HBW, headquartered in Aurora, Colorado, is a provider of new home structural warranty protection plans, providing builders’ coverage for structural failures, and also provides home warranties to consumers.
The Simpson Thacher team includes Jakob Rendtorff, Michael Chen, Luca Tomasi and Scott Turtur (M&A); Kenneth Wallach (Corporate); Christopher Brown, Benjamin Persina and Cem Islikci (Banking and Credit); Jonathan Ozner and Anna Jarman (Capital Markets); Peter Guryan and Richard Jamgochian (Antitrust); David Rubinsky and Radhika Tahiliani (Executive Compensation & Employee Benefits); Andrew Purcell, Lina Pan and Benjamin Bressler (Tax); Lori Lesser and Kate Mirino (Intellectual Property); Steven DeLott (Insurance); Charles Mathes (Public Company Advisory Practice); and Dennis Loiacono (Real Estate).