Walter Meier AG acquired Tobler Haustechnik AG from Wolseley plc.
April 05, 2017
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Walter Meier AG (SWX:WMN) signed an agreement to acquire Tobler Haustechnik AG from Wolseley plc (LSE:WOS) for approximately $300 million (CHF 300 million) on February 21, 2017. Under the terms of agreement, Wolseley expects to receive cash consideration of CHF 117.8 million and a 39.2% minority holding in the newly combined and enlarged business. Tobler Haustechnik AG generated a turnover of approximately CHF 330 million. Walter Meier and Tobler Haustechnik are allowed to propose two members of the board of directors each until 2019. The merger will preserve approximately 1,400 jobs. The deal is subject to approval by Walter Meier's shareholders, appropriate financing and Swiss competition clearance. As of March 31, 2017, the antitrust regulator has approved the transaction. The transaction has now received the necessary approval by Walter Meier's shareholders, appropriate financing. Therefore, all conditions have been fulfilled. After the completion of the transaction the members of the Board of Directors are: Silvan G.-R. Meier (President), Alfred Gaffal and Heinz Roth and the new members Simon Oakland and Heinz Wiedmer. Michael Harrison and David Litterick from Brunswick acted as public relation advisors to Wolseley plc. Hansjürg Appenzeller, Daniel Hasler, Franz Hoffet, Martin Thomann, Nadine Wahlquist, Marie Jenny and Giulia Menegon of Homburger AG acted as legal advisors for Wolseley. Ernst & Young AG acted as accountant for Walter Meier AG and provided due diligence.
Walter Meier AG (SWX:WMN) completed the acquisition of Tobler Haustechnik AG from Wolseley plc (LSE:WOS) on April 6, 2017.
Ferguson plc is a distributor engaged in providing solutions, and products from infrastructure, plumbing and appliances to heating, ventilation and air conditioning (HVAC), fire, fabrication, and more. Its USA segment operates primarily under the Ferguson brand and provides solutions, and products, from infrastructure, plumbing and appliances to HVAC, fire, fabrication and more, to residential and non-residential contractors. Its products are delivered through a common network of distribution centers, branches and specialist sales associates, counter service, showroom consultants and e-commerce. The Canada segment operates primarily under the Wolseley brand and supplies plumbing, HVAC, and refrigeration products to residential and commercial contractors. The Canada segment also supplies specialist water and wastewater treatment products to residential, commercial and infrastructure contractors, and supplies pipe, valves, and fittings (PVF) solutions to industrial customers.
FERGUSON PLC 
