Reliance completes John Guest acquisition

Company News

by Anna Napoli

Reliance Worldwide Corporation (ASX:RWC)  today announced that it has completed its acquisition of UK based global fittings manufacturer, John Guest Holdings.

The company paid a cash purchase consideration of $1.22 billion for all issued shares in John Guest.

Reliance is a leading global manufacturer and supplier of premium-branded engineered water delivery, products and solutions for plumbing applications and a leading manufacturer in the world of brass PTC plumbing fittings.

John Guest is headquartered in the UK and is a global leader in plastic PTC fittings, with products and operations that are highly complementary to RWC.

Shares in Reliance Worldwide (ASX:RWC) jumped over 27 per cent following the announcement of the deal on May 24 and are currently trading at multi-year highs, its shares closed up 1.86 per cent to $5.49 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.