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BRIEF-Wesfarmers announces agreement to acquire UK retailer Homebase

Published 18/01/2016, 09:36 am
© Reuters. BRIEF-Wesfarmers announces agreement to acquire UK retailer Homebase
WES
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Jan 18 (Reuters) - Wesfarmers Ltd WES.AX :

* Acquisition of 100 per cent of Home Retail Group plc's (Home Retail Group) Holding in homebase for £340 million

* Deal unanimously supported by the board of Home Retail Group

* Deal expected to complete in the first quarter of calendar year 2016

* Says the acquisition will be funded by new gbp-denominated debt facilities

* Says "anticipated short-term impact on credit metrics may result in a change to the group's outlook"

* Acquisition is expected initially to have an immaterial effect on Wesfarmers' earnings per share and return on equity

* From third year post acquisition, acquisition is projected to be progressively accretive reflecting long-term growth prospects

* Source text for Eikon ID:nASX2jh3dt

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