Aug 24 (Reuters) - Woolworths Ltd (WOW) :
- Woolworths update on Home Improvement Exit
- Has agreed three separate contracts to facilitate its exit from Home Improvement for estimated gross proceeds of $1.5 billion
- Masters will cease trading at all stores on or before 11 December 2016
- Transaction approved by Lowe's and Hydrox Holdings Pty Ltd (Hydrox), the joint venture company owned by Woolworths and Wdr Delaware Corporation (WDR)
- After estimated winddown costs, expects to receive proceeds of about $500 million prior to any shareholder payments
- Citi is acting as financial advisor to Woolworths
- Will work to find staff affected by these closures, jobs within the group and offer full redundancy where jobs are not available within the group
- Will begin discussions with masters' suppliers immediately about the transition timetable
- Metcash has indicated that it intends to exit two companyowned stores (Gungahlin And Launceston (Dowling St)) and one distribution centre (South Dandenong)
- Agreed three transactions to sell Home Improvement Business Hydrox to collective bidder group of GA Australia, Metcash & Home Consortium
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