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.