The Firm represented frontdoor, inc. (“Frontdoor”) in connection with an underwritten offering of 16,734,092 shares of its common stock previously owned by ServiceMaster Global Holdings, Inc., Frontdoor’s former parent company. The selling stockholder received approximately $502 million in gross proceeds from the offering.
J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC acted as joint lead book-runners for the offering.
Frontdoor is the largest provider of home service plans in the United States, as measured by revenue, and operates under the American Home Shield, HSA, OneGuard and Landmark brands. Frontdoor serves more than two million customers across all 50 states and the District of Columbia through a network of over 16,000 pre-qualified contractor firms that employ over 45,000 technicians.
The Simpson Thacher team included Kenneth Wallach, Jonathan Ozner, Sung Bum Cho and Mary-Jane Rabeony (Capital Markets); Charles Mathes (PCAP); Marcy Geller, Andrew B. Purcell and Sophie Staples (Tax); David Rubinsky and Jason Fixelle (Executive Compensation and Employee Benefits); Michael Isby (Environmental); and Jennie Getsin and Andrew J. Pagliughi (FINRA).