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Wolseley, Ferguson Enterprise’s corporate parent, has signed a deal to sell a majority stake in Tobler, its Swiss plumbing and heating business to Walter Meier AG, the country’s largest plumbing and heating distributor.
Wolseley will get the equivalent of $117.2 million and a 39.2 percent share of the new business.
However, Wolseley added that there's no certainty any deal will be completed. The proposed merger is subject to approval by Walter Meier's shareholders, appropriate financing and Swiss regulators.