Aug 24 (Reuters) - Woolworths Ltd WOW.AX :
* Woolworths update on Home Improvement Exit
* Has agreed three separate contracts to facilitate its exit from Home Improvement for estimated gross proceeds of $1.5 billion
* Masters will cease trading at all stores on or before 11 December 2016
* Transaction approved by Lowe's and Hydrox Holdings Pty Ltd (Hydrox), the joint venture company owned by Woolworths and Wdr Delaware Corporation (WDR)
* After estimated winddown costs, expects to receive proceeds of about $500 million prior to any shareholder payments
* Citi is acting as financial advisor to Woolworths
* Will work to find staff affected by these closures, jobs within the group and offer full redundancy where jobs are not available within the group
* Will begin discussions with masters' suppliers immediately about the transition timetable
* Metcash has indicated that it intends to exit two companyowned stores (Gungahlin And Launceston (Dowling St)) and one distribution centre (South Dandenong)
* Agreed three transactions to sell Home Improvement Business Hydrox to collective bidder group of GA Australia, Metcash & Home Consortium
* Source text for Eikon ID:nASX9vlBDR