Australia's Wesfarmers eyes UK market with Homebase acquisition
Sydney
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.
TRENDING NOW
When every phone becomes a satellite phone, what happens to Asia’s telcos?
Koh Brothers Eco Engineering faces up to S$57.6 million in potential liabilities from legal disputes
Too little, too late? Manila’s billion-dollar bid to ignite its sputtering EV industry
DayOne secures S$530 million green loan from DBS, OCBC and UOB for Singapore data centre