Britain’s Ferguson to sell UK business for $421 million

(Reuters) – Plumbing parts distributor Ferguson Plc said on Monday it has agreed to sell its UK-focused business to private investment firm Clayton, Dubilier & Rice for about 308 million pounds ($421.65 million).

The British company, which had been mulling to demerge Wolseley (LON:FERG) UK since 2019 to focus on its main U.S. business, said it intends to pay a special dividend from the net proceeds of the sale.

($1 = 0.7305 pounds)