[STRATEGIC] InsurTech
· Appliance Protection ·
Cross-Border US-UK — Announced December 2, 2025 — Closing mid-2026
Asurion Acquires Domestic & General for
£2.1B, Creating the World's Leading Home Technology Care Platform
The Nashville-based device protection giant acquires the UK's
dominant appliance warranty operator from CVC Capital Partners and ADIA —
combining two subscription-based service empires to form a single global
platform covering every connected device and home appliance from smartphones to
washing machines.
DEAL SNAPSHOT
|
DEAL VALUE £2.1 Billion (~$2.74B) |
SELLER CVC Capital Partners +
ADIA (Abu Dhabi Investment Authority) |
|
ANNOUNCED December 2, 2025 |
TARGET REVENUE >£1 Billion ($1.32B)
annually |
|
EXPECTED CLOSE Mid-2026 (regulatory
pending) |
TARGET SUBSCRIBERS 6.8 million subscription
customers |
THE PARTIES
|
ACQUIRER Asurion, LLC Nashville,
TN-based global leader in technology care, support, and protection services.
CEO Guru Gowrappan. Privately held; revenues estimated at $8-10B annually.
Provides device protection programs for smartphones and consumer electronics
via carrier partnerships (AT&T, Verizon, T-Mobile, Sprint). Also operates
a network of uBreakiFix repair stores (800+ locations). Mission: become the
"CTO of the home" — managing every connected device and appliance
for consumers. |
TARGET (FROM CVC + ADIA) Domestic & General
Group Ltd. Wimbledon,
UK-based leading appliance care provider operating across 12 markets. CEO
Matthew Crummack. Founded over 110 years ago. Serves 6.8 million subscription
customers via partnerships with major appliance and electronics brands:
Whirlpool, Sky, Hoover-Candy, John Lewis, and others. Operates a repair
network of 25,000+ independent engineers. Backed by CVC Capital Partners and
Abu Dhabi Investment Authority (ADIA). Revenue surpassed £1 billion in FY2025
— first time in company history. |
DEAL OVERVIEW
Asurion agreed to
acquire Domestic & General from certain funds advised by CVC Capital
Partners and Luxinva S.A. (a wholly-owned entity of the Abu Dhabi Investment
Authority). The financial terms were not officially disclosed, but Bloomberg
reported the deal values D&G at approximately £2.1 billion ($2.74 billion).
The transaction is expected to close in mid-2026, subject to regulatory
approvals across the multiple European markets in which D&G operates.
Upon closing,
Domestic & General will continue to operate under its own brand as a
business unit of Asurion — maintaining its existing management team led by CEO
Matthew Crummack and its long-standing retailer and manufacturer partnerships.
This "keep the brand" approach reflects Asurion's recognition that
D&G's identity is a genuine competitive asset in the UK and European
markets where it operates.
"Together we will be able to offer consumers a truly
comprehensive solution — care and protection for every connected device and
household appliance — wherever they are in the world."
— Guru
Gowrappan, CEO, Asurion
STRATEGIC RATIONALE
The combination
creates what Asurion describes as the world's most comprehensive home
technology care platform. Asurion's strength is in smartphones and consumer
electronics (primarily via U.S. carrier channels); D&G's strength is in
major home appliances (washing machines, refrigerators, dryers) via European
retailer and manufacturer channels. The two businesses address different device
categories and different geographies — creating a complementary rather than
overlapping combination.
For CVC and ADIA
(the sellers), this is a strong exit from a long-term holding. Under CVC's
ownership, D&G transformed from a UK-focused warranty provider into a
digitally-enabled, subscription-led appliance care platform operating across 12
markets — growing revenues to more than £1 billion and maintaining over two
decades of consecutive organic revenue growth. The £2.1B sale price represents
a multiple commensurate with a scaled, profitable subscription business with
high retention and diversified revenue.
ADVISORS
Buy-side
Financial (Asurion): Goldman Sachs
& Co. LLC (lead) + Morgan Stanley & Co. LLC
No sell-side
financial advisors were publicly disclosed for CVC/ADIA. Legal advisors were
not disclosed for either party.