Huws Gray Limited entered into an agreement to acquire Traditional Merchanting Business in Great Britain from Grafton Group plc (LSE:GFTU) for an enterprise value of £520 million on July 1, 2021. The consideration will be fully paid in cash. As of December 31, 2020, Traditional Merchanting Business reported revenue of £828.2 million, Gross assets of £497.2 million and adjusted operating profit of £18.8 million. Huws Gray will be notifying the transaction to the Competition and Markets Authority (CMA). The transaction is not conditional on the outcome of the CMA process. As on October 11, 2021, CMA has launched an investigation into Grafton's planned sale of its Traditional Merchanting Business to see if the deal will lead to a substantial lessening of competition within the UK. The divestment is expected to close by the February 28, 2021. N M Rothschild & Sons Limited acted as a financial adviser to Grafton Group. HSBC Holdings plc (LSE:HSBA) acted as a financial adviser to Huws Gray. Geoff Bailhache, Surya Banerjee, Laura Harris, Tarek Soliman, Antonio Bavasso, David Vann, Josh Buckland, Jessica Davies, Yash Rupal, Caleb McConnell and Ellie Verran of Simpson Thacher & Bartlett LLP and Squire Patton Boggs (US) LLP acted as legal advisors to Huws Gray Limited. As of December 8, 2021 the Competition and Markets Authority (CMA) has told that they will decide until 10 February 2021 whether to accept the undertakings, with the possibility to extend this timeframe to 7 April 2022 if it considers there are special reasons for doing so.

Huws Gray Limited acquired Traditional Merchanting Business In Great Britain from Grafton Group plc (LSE:GFTU) on December 31, 2021.