Travis Perkins has announced that it is selling the last of its Plumbing & Heating division to private equity for £325m, £45m higher than our valuation. The difference is worth around 18p per share, after disposal costs. We see upside as Toolstation is now a meaningful part of the group, and its growth should be driver of value creation. The core of Travis is improving and the group has excellent exposure to UK RMI, where activity will continue to benefit from rising housing transactions.
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