Wolseley PLC Proposed merger of Tobler with Walter Meier (3684X)

TIDMWOS

RNS Number : 3684X

Wolseley PLC

21 February 2017

21 February 2017

Wolseley plc

Proposed merger of Swiss plumbing and heating business with Walter Meier

Wolseley has signed an agreement to merge Tobler, its Swiss plumbing and heating business, with Walter Meier AG, a Swiss heating and HVAC distributor.

If completed, the merger would be consistent with the strategic objectives of both Wolseley and Walter Meier to create a high quality, market-leading business across plumbing, heating and HVAC distribution in Switzerland.

The proposed merger is subject to approval by Walter Meier's shareholders, appropriate financing and Swiss competition clearance and therefore there can be no certainty that the transaction will be completed. If it is completed, Wolseley expects to receive cash consideration of CHF117.8 million and a 39.2% minority holding in the newly combined and enlarged business.

For further information please contact

Wolseley plc

 
 Dave Keltner, Interim Chief                      [phone] 
  Financial Officer                    Tel:        2230 
 Mark Fearon, Director of Corporate               +44 (0) 7711 
  Communications and IR                Mobile:     875070 
 

Brunswick (Media Enquiries)

 
                                              [phone] 
 Michael Harrison, David Litterick    Tel:     5959 
 

Notes to editors

Wolseley plc is the world's largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials, operating in North America, the UK and Continental Europe. Revenue for the year ended 31 July 2016 was GBP14,430 million and trading profit was GBP917 million. Wolseley has about 39,000 employees and is listed on the London Stock Exchange (LSE: WOS) and is in the FTSE 100 index of listed companies. In the USA the Company also operates a Level 1 ADR programme trading on OTCQX, the premier tier of the US over-the-counter market (Ticker: WOSYY). For more information, please visit www.wolseley.com or follow us on Twitter https://twitter.com/wolseleyplc.

This information is provided by RNS

The company news service from the London Stock Exchange

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February 21, 2017 02:00 ET (07:00 GMT)