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Grafton gets regulatory green light to buy HSS Hire Ireland
(Sharecast News) - Grafton Group's €32m acquisition of HSS Hire Group's Irish business has received regulatory approval, it was confirmed on Thursday. In a brief statement, HSS said it welcomed a decision by the Competition and Consumer Protection Commission in Ireland to give the deal unconditional clearance.
The sale is now set to complete by the end of the month, it added.
Building materials distributor Grafton first agreed to buy HSS Hire Ireland in early April.
It plans to rebrand the business, which operates from four branches and four customer distribution centres, as part of Chadwicks, its existing Irish distribution business.
The sale was also part of a wider restructuring at HSS, first announced last year. The Aim-listed firm has already separated its HSS ProService and operations units into two standalone businesses, with the latter rebranded The Hire Service Company.
Grafton, meanwhile, is following a strategy of strengthening its position in existing and adjacent markets.
As at 0930 BST, shares in Grafton were up 1% at 1,004.8p, while HSS was largely flat at 6.98p.
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