https://nzx.com/companies/WHS/announcements/230883 - PR was originally emailed to me, had to wait for the link to appear on NZX...
The Warehouse Group announces that it has signed an agreement to acquire Noel Leeming Group, the specialist Consumer Electronics and Home Appliance retailer.
Under the terms of the agreement The Warehouse Group will acquire the shares of Noel Leeming Group Limited for $65M, with immediate completion to occur today.
The Noel Leeming Group has 92 stores throughout New Zealand and an online retail presence, offering a broad range of branded Consumer Electronics, Home Appliance and Entertainment products.
The Warehouse Group believes this acquisition will support its transformation into New Zealand’s pre-eminent Non-Food Retail business and support its ongoing strategy to improve the “Red Sheds” performance. The Consumer Electronics and Home Appliance sector has experienced substantial growth over the past five years and as people continue to purchase technology and entertainment products in an increasingly ‘connected’ world, the sector will continue to grow.
Noel Leeming Group will operate as a separate trading division with its own retail brand positioning and personality. The additional retail brands complement The Warehouse Group’s current retail brands “TheWarehouse” and “Warehouse Stationery”.