Frontdoor acquires 2-10 Home Buyers Warranty for $585M cash to expand into new home structural warranties

Frontdoor, Inc.

Aggregate cash consideration of $585M, subject to customary adjustments; deal expected to close in Q4 2024.
2-10 generated ~$198M revenue and ~$43M Adjusted EBITDA (21.7% margin) in 2023; had ~292,000 customers.
Financing via $575M incremental term loan facility from JPMorgan, BofA, Wells Fargo plus available cash.
Deal unanimously approved by Frontdoor board; regulatory approval and customary conditions remain.
Expected to be additive to Adjusted EBITDA and free cash flow in 2025, first full year of ownership.

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