Wesfarmers acquisition of Homebase complete

Posted by AFN Staff Writers on 29th February 2016

ToolsWesfarmers has completed its acquisition of UK hardware chain Homebase.


Wesfarmers Managing Director Richard Goyder said the acquisition now adds 15, 000 new employees in the UK and Ireland to the Wesfarmers Group.


“We welcome our new employees and are excited about the opportunity to bring the best of Bunnings to the UK and Ireland,” Goyder said.


Wesfarmers announced on 18 January 2016 that it was attempting to acquire Homebase for AUD$658. The acquisition was approved by Homebase’s banking syndicate in early February and by its shareholders at a general meeting held on 25 February 2016.


The acquisition comes just after Wesfarmers revealed Bunnings’ earnt a net profit of AUD$701 million for the six months ended 31 December 2015. This was a 13.4 per cent on the previous corresponding 2014 period.


It also comes at the same time Woolworths is trying to sell is failed Masters hardware’s stores, making the call after it loss Woolworths more than AUD$600 million.