Westfarmers completes Homebase acquistion

Australian retailer Wesfarmers has confirmed that its acquisition of the Homebase business from Home Retail Group has been completed.

Wesfarmers managing director Richard Goyder welcomed the completion of the acquisition which will add 15,000 new employees in the UK and Ireland to the Wesfarmers Group this week.

He said: “We welcome our new employees and are excited about the opportunity to bring the best of Bunnings to the UK and Ireland.”

Wesfarmers announced on January 18 that it had entered into an agreement to acquire Homebase from Home Retail Group for £340 million (A$658 million).

The transaction received approval from Home Retail Group’s banking syndicate in early February and from a general meeting of its shareholders on February 25.

From its origins in 1914 as a Western Australian farmers’ cooperative, Wesfarmers has grown into one of Australia’s largest listed companies.

Headquartered in Western Australia, its diverse business operations covers supermarkets and department stores; home improvement and office supplies; coal production and export; chemicals, energy and fertilisers; and industrial and safety products. Wesfarmers is one of Australia’s largest employers.

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