Grafton Group is to buy Heiton Group for €336m in the latest wave of consolidation to sweep through the Irish merchanting sector.
Heiton agreed to Grafton’s cash and stock offer after turning down an earlier offer in June. The deal follows news of Wolseley plc’s £120m acquisition of the Brooks Group.
Grafton, which was rumoured to be interested in buying the Brooks Group, already holds a 29% share in Heiton. A formal offer document will now be sent to Heiton shareholders in September.
(For full story see next edition of TTJ)
