Sachin Ravikumar and Emma-Victoria Farr

FRANKFURT(Reuters) – Brookfield Asset Management, Canada, has bought HomeServe in Britain for 4.08 Billion Pounds ($5.04B), to expand its reach to UK residential infrastructure investors.

HomeServe stock prices rose by more than 10% on Thursday morning following the news that Brookfield has added the cash option to its $725 million portfolio.

HomeServe shareholders get 1,200 pence per share in cash. That’s a 7.1% premium over the stock price at Brookfield, which was disclosed in April.

Sikander Rashid (Brookfield Infrastructure:NYSE:) Managing partner, said “We look forward supporting HomeServe’s continued growth worldwide as critical residential infrastructure is updated in the coming years for decarbonisation to increase energy efficiency”

Brookfield had reported earlier that in May, Reuters said it was working with banks on a sale of its 45% stake to French towers group TDF Group. This is to take advantage of the increasing demand for European infrastructure assets.

Citigroup Credit Suisse and (NYSE:) Credit Suisse work together to sell TDF, which may be worth more than 5 Billion Euros ($5.30B).

($1 = 0.8085 pounds)