Wesfarmers in advanced talks to buy Homebase

Home Retail Group has announced this evening that Wesfarmers, owners of the Bunnings Warehouse chain in Australia, is in advanced talks to buy Homebase for around £340m.

The press release is as follows:-

In response to media speculation, Home Retail Group confirms that it is in advanced discussions for the potential sale of Homebase to Wesfarmers Limited ("Wesfarmers") for a cash consideration of £340 million.  Home Retail Group and Wesfarmers began discussions in September, due diligence commenced under a confidentiality agreement in October, and Wesfarmers provided the Group with a firm offer letter in November.  Wesfarmers has completed its due diligence, and the parties are currently finalising transaction documentation.  However, discussions are ongoing and there can be no certainty that a transaction will be agreed. 

To read the full press release, click here.

Source: Home Retail Group