Wesfarmers buys Homebase for $705 million
Wesfarmers expects to complete the $705 million acquisition of UK home improvement chain Homebase in the first quarter of 2016 after gaining unanimous approval from the board of its parent, Home Retail Group.
The deal comes after Wesfarmers said on January 14 that it had made a provisional bid for the chain.
The conglomerate has said plans to roll out its Bunnings hardware brand to the UK within five years.
Homebase reported revenue of £1.5 billion ($3.1 billion) for the 12 months ended August 29 and has 265 stores.
More to come
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