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Ferguson to sell UK heating, plumbing distribution business for £308m
StockMarketWire.com
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Plumbing company Ferguson said it had agreed to sell Wolseley UK, its UK-based heating and plumbing distribution business, to Clayton, Dubilier & Rice, a global private investment firm for approximately £308 million.
The sale, expected to be completed at the end of January 2021, 'simplifies the group and allows us to focus entirely on investing in and developing our business across North America where we have the greatest opportunities for profitable growth,' the company said.
'The board's current intention is to make a return of substantially all of the net cash proceeds of sale to shareholders by way of a special dividend,' it added.
Story provided by StockMarketWire.com
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