Australian retail giant Wesfarmers has agreed to buy UK DIY chain Homebase from its owner, Home Retail Group, for £340m (A$705m; $485.2m).
Wesfarmers already owns Bunnings - one of Australia's largest suppliers of outdoor living and DIY products.
The Australian retailer said it would spend a further £242m to build up the Homebase business under the Bunnings brand.
The deal is subject to shareholder approval.
BBC: Homebase to be bought by Australia's Wesfarmers for £340m
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