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.