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Lone Star Gets Competition Approval To Buy Ferguson's Stark Group

15th Mar 2018 08:57

LONDON (Alliance News) - Ferguson PLC said on Thursday that Lone Star Funds has received the necessary clearance from the relevant competition authorities for its takeover of Stark Group.

Ferguson expects the deal to complete towards the end of the month.

The heating and plumbing products firm announced the sale agreement of Stark Group, its Nordics building materials distribution business, to Lone Star for EUR1.02 billion in November.

Ferguson, formerly known as Wolseley PLC, said at the time the net assets of Stark are approximately EUR500 million, and noted it had retained approximately EUR150 million of property assets which it expects to sell "in due course".

Ferguson shares were up 0.9% on Thursday at 5,296.00 pence each.


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