Homewares store Adairs (ASX:ADH) today announced that it has entered into a binding agreement to acquire all of the shares of Mocka for $75.5 million.
Mocka supplies a wide range of kids furniture, nursery and baby must-haves, and other home products.
The company distributes product from its two distributions centres in Brisbane and Christchurch in New Zealand and has dedicated functional teams in both countries.
These operations will continue to support the Mocka business on a dedicated basis.
The agreement is subject to satisfaction of customary conditions and is expected to complete in mid-December.
Shares in Adairs (ASX:ADH) are trading 14.37 per cent higher at $2.03.