Travis Perkins buys BSS for £558m

Builders’ merchant Travis Perkins has agreed to buy plumbing and heating firm BSS Group for £558m.

Travis Perkins has made an offer of 435.8p per share, a 4.7% premium on the 416.2p closing price on Friday.

Perkins said that it believes it will achieve cost savings of around £25m by 2013 due to the deal, after one-off costs of about £5m.

Robert Walker, chairman of Travis Perkins said: “We believe that there is a strong strategic rationale for the acquisition of BSS which will create the leading plumbing and heating trade and retail distribution business in the UK.”