The agreement, announced Monday morning, will involve Wesfarmers acquiring 100 per cent of Homebase from UK firm Home Retail Group – which also owns Argos – for £340m, according to a Wesfarmers announcement.
Homebase will become part of Bunnings, the Australia and New Zealand retailer owned by Wesfarmers, meaning the Homebase brand will disappear within the next three to five years.
Philip Gawith, managing partner at Teneo, is listed as the UK media contact on the announcement. PRWeek asked when Teneo had been engaged by Wesfarmers and whether this work would continue, but the agency declined to give further details.
Teneo's team working with Wesfarmers also includes Zoë Watt, a director within Teneo Strategy, and consultant Gayden Metcalfe, who had been working for Teneo's recent acquisition StockWell, which has since been rebranded as Teneo Strategy.