08:15 AM EDT, 06/04/2024 (MT Newswires) -- Frontdoor ( FTDR ) said Tuesday it has agreed to acquire 2-10 Home Buyers Warranty for $585 million in cash.

Founded in 1980, 2-10 Home Buyers Warranty is a provider of new home structural warranty protection plans.

Frontdoor ( FTDR ) said the transaction is supported by a fully committed bridge facility and cash, with permanent financing expected to consist mainly of new debt.

The acquisition is expected to close in Q4, subject to customary closing conditions, including required regulatory approvals.

Price: 35.30, Change: -0.20, Percent Change: -0.56