Australia’s largest plumbing and bathroom supply company Reece (ASX:REH) has announced a $1.9 billion takeover of US plumbing business MORSCO Inc.
MORSCO is a distributor of plumbing, waterworks and heating and cooling equipment.
The deal will be funded in part by a $560 million equity raising .
The company says the deal will give it access to large growing markets with strong demand drivers.
Reece is currently on a trading halt, shares in Reece (ASX:REH)
Last traded at $10.75.