Shareholders of Home Retail Group formally approved the sale of Homebase to Australian retailer Wesfarmers today.
This was the final approval needed under the agreement entered into by Bunnings' owner Wesfarmers to acquire Homebase, following the approval of HRG's banking syndicate earlier this month.

Wesfarmers agreed to buy Homebase for £340million back in January. At the time, it revealed plans to "invest in the Homebase team and reinvigorate core Homebase assets to build an exciting new Bunnings-branded business over three to five years".

Following the approval of the shareholders, the transaction is expected to complete over the next few days.