The two companies announced the agreement which will see Cerberus pay a nominal £1 in cash for the shares in debt-laden Focus, the UK’s third-largest DIY business.
News of the sale follows a strategic review of the business by bankers Rothschild earlier this year.
Former Wickes directors Bill Grimsey and Bill Hoskins will be appointed as new chief executive and financial director following the completion of the acquisition.
The sale is expected to be concluded in five to six weeks.
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