By John Glenday

Home Retail Group has agreed terms to a £340m takeover of its home improvement and garden division Homebase by Australia’s Wesfarmers, a move which will see it rebranded to Bunnings – a well known DIY chain in Australia and New Zealand.

Although the deal remains subject to shareholder approval, Wesfarmers said it will invest £242m in building the business and a migration to the Bunnings brand over the next three to five years.

Bunnings managing director John Gillam said the deal was a ‘compelling opportunity’, adding: “Homebase has an established and scalable store platform with strong representation in high density areas. The Read full story ›

Source: The Drum