Reece announces $1.9B takeover of MORSCO

Company News

by Anna Napoli

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.
 

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.