Asurion Agrees to Buy CVC-Backed UK Warranty Provider D&G

Asurion LLC has agreed to acquire UK warranty business Domestic & General Group Ltd. as the US company looks to expand its business and geography.

Nashville-based Asurion is buying D&G from CVC Capital Partners Plc and the Abu Dhabi Investment Authority, according to a statement Tuesday. The transaction is expected to close in the middle of next year. Terms of the deal weren’t disclosed.

Bloomberg News reported last month that Asurion was in advanced talks to acquire D&G in a deal valuing the UK company at £2.1 billion ($2.8 billion).

D&G provides warranties and repair for everything from refrigerators to washing machines to TVs and boilers across Europe, the US and Australia. Founded in western Australia in 1912 to insure cattle transport before eventually listing in London in 1991, the company today protects and maintains more than 22 million appliances in 12 markets.

CVC first invested in D&G in 2013. ADIA agreed in 2019 to acquire a 30% stake in the company.

Asurion provides insurance for mobile phones and other electronic devices and products, including through carriers such as Verizon Communications Inc. and AT&T Inc. and companies such as Amazon.com Inc. and Samsung, according to its website.

By combining D&G’s home-focused business with Asurion’s consumer technology-oriented portfolio, the company is aiming to become the “CTO of the home,” Asurion Chief Executive Officer Guru Gowrappan said in an interview. “The customer wants a single support point” to assist with all of their devices, he added.

Asurion made Gowrappan CEO in October. Among the company’s company’s backers are Madison Dearborn Partners and Providence Equity Partners.

Photograph: LG washing machine; photo credit: SeongJoon Cho/Bloomberg