Ferguson : Selling Wolseley UK to Clayton Dubilier & Rice for GBP308 Million

By Ian Walker

Ferguson PLC said Monday that it is selling its U.K. arm, Wolseley UK, to Clayton Dubilier & Rice LLC for 308 million pounds ($421.1 million).

The plumbing-and-heating products distributor said it expects to complete the sale by the end of this month, and then return the money raised to shareholders via a special dividend.

"The transaction further simplifies the group and allows us to focus entirely on investing in and developing our business across North America where we have the greatest opportunities for profitable growth," Chief Executive Kevin Murphy said.

The company had previously said that it plans a full U.S. primary listing in the first half of this year, after shareholder approval in July.

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(END) Dow Jones Newswires

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