British group Wolseley has won the battle to acquire Irish builders' merchant Brooks Group. It announced this morning that it had offered to buy the company for around £120m, or €183m, from Finland's UPM-Kymmene.
As part of the agreement, Wolseley will also sell a number of Brooks properties for a minimum of £35m, or €53m. The deal is subject to regulatory approval.
Brooks is the largest timber distributor and third largest builders merchant in Ireland. It has 18 branches and employs 430 people. Last year it made profits of €9.4m on sales of €195m.
Heiton Holdings and Century Homes were also reported to have been interested in acquiring Brooks. There have been suggestions that Heiton's interest in Brooks sparked a takeover approach for the company from rival Grafton. Grafton and Heiton are the top two builders' merchants in Ireland.