Travis Perkins plc - Disposal of Plumbing & Heating business
b'Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.\nThe issuer is solely responsible for the content of this announcement.\nTravis Perkins plc today announces the disposal of its Plumbing & Heating distribution business ("P&H") to an affiliate of H.I.G.
- b'Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.\nThe issuer is solely responsible for the content of this announcement.\nTravis Perkins plc today announces the disposal of its Plumbing & Heating distribution business ("P&H") to an affiliate of H.I.G.
- Capital, a leading global alternative investment firm, for cash consideration of \xc2\xa3325 million, on a debt-free, cash-free basis and subject to customary adjustments.
- The transaction is expected to be completed within the next three months.\nAlongside the recent demerger of Wickes, the sale of P&H represents the completion of the Group\'s portfolio actions as outlined at the Capital Markets Day in December 2018.\nGiven the Group\'s strong balance sheet and robust liquidity position, Travis Perkins intends to return the net proceeds of the disposal to shareholders following completion of the transaction through a combination of a 35 pence per share special dividend and, subject to market conditions, a share buyback programme.\n"Today marks another important step on our journey to becoming a simplified Group, focused on our market leading trade businesses.
- Gross assets at 31 December 2020 were \xc2\xa3580 million.\nMorgan Stanley & Co. International plc is acting as financial advisor to Travis Perkins plc in relation to the transaction.\n'