Ferguson is pleased to confirm the completion of the disposal of Wolseley UK, its plumbing and heating distribution business, to Clayton, Dubilier and Rice.
The Company previously announced its intention to return substantially all of the net proceeds of the disposal to shareholders by way of a special dividend. Ferguson expects to provide further details regarding the arrangements for payment of this special dividend with the Half Year results on March 16, 2021.
Ferguson announced the sale of Wolseley UK early last month, having agreed terms on a deal worth approximately £308 million (c. $420 million), following the announcement that Ferguson was seeking to demerge the company in September 2019.
In a statement, Ferguson said that a dermerger would enable both businesses to focus on accelerating the execution of their independent plans, providing clear investment propositions for each.
Source : Insight DIY Team, Ferguson PLC