LONDON: British supermarket group Sainsbury’s PLC yesterday said it had clinched a ￡1.4 billion (US$2.01 billion) takeover of Home Retail Group PLC, owner of catalogue chain Argos.
The cash-and-stock offer is aimed at creating a “multi-product, multi-channel” business, the pair said in a joint statement.
Argos sells household items, including TVs, furniture and gardening tools. The deal was expected to complete in the third quarter of this year, subject to regulatory and shareholder approval.
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