Australia's Wesfarmers eyes UK market with Homebase acquisition
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WESFARMERS Ltd will buy Homebase in the UK for £340 million (S$700 million) to secure an overseas foothold for its home improvements business on the same day that its primary Australian competitor revealed plans to exit hardware retailing.
The acquisition from Home Retail Group plc will give Wesfarmers, which runs the Bunnings branded home-improvement business, 265 UK stores that had revenue of £1.46 billion for the 12 months ended Aug 29, the Perth, Western Australia-based company said in a statement to the stock exchange.
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