Nashville-based Asurion announced Oct. 8 it completed its acquisition of appliance protection company Domestic & General, expanding its reach in the United Kingdom, Europe and the U.S. appliance market.
The move combines Asurion's cell phone insurance, repair and support services with Domestic & General's appliance insurance business. The deal strengthens Asurion's position in the connected-home market, valued at more than $150 billion, and expands its international footprint, company officials said.
"Technology is becoming more essential to everyday life and more connected and complex," Asurion CEO Guru Gowrappan said. "Our job at Asurion is simple: make technology work."
Domestic & General, headquartered in London, has more than 100 years of
experience in appliance insurance and partnerships with more than 100 brands, including Whirlpool, Sky, Hoover-Candy and John Lewis.
The company operates in 12 markets across the U.K., Europe and the U.S., protects more than 22 million appliances and serves more than 7 million subscription customers.
No immediate changes for customers
Domestic & General CEO Matthew Crummack said the companies share a commitment to customer service and partner relationships.
"Domestic & General has built its business on trusted care, strong partner relationships and deep expertise in appliance care and protection," Crummack said.
Asurion said there are no immediate changes for customers or partners as a result of the transaction. Domestic & General will continue operating under its existing brand within Asurion.
"We're excited to welcome the D&G team to Asurion," Gowrappan said. "As homes become more connected, customers shouldn't have to navigate a different solution for every device or appliance they own."
Financial terms of the acquisition were not disclosed.
Goldman Sachs & Co. LLC served as lead financial advisor to Asurion. Morgan Stanley & Co. LLC also advised the Nashville company. Hogan Lovells and Cadwalader served as legal counsel to Asurion. Rothschild & Co advised CVC, while Latham & Watkins served as legal counsel to CVC.
This article originally appeared on Nashville Tennessean: Nashville-based Asurion acquires appliance insurer Domestic & General
