Ferguson Enterprises to cancel LSE secondary listing

Ferguson plc has announced plans to cancel its secondary listing on the London Stock Exchange (LSE) as part of a broader corporate restructuring aimed at relocating its ultimate parent company to the United States. The company has entered into a merger agreement with newly formed Delaware-based entity Ferguson Enterprises Inc. (New TopCo), under which the existing UK-listed entity will merge with a Jersey-incorporated subsidiary of New TopCo, resulting in the Company becoming a wholly owned subsidiary of the new U.S.-based parent.

The restructuring received strong shareholder approval, with 99.56% of votes cast in favor at a special meeting held on May 30, 2024. Subject to the satisfaction of remaining conditions, merger is expected to be finalized on August 1, 2024. On that date, the Company’s listing on the LSE will be cancelled, and New TopCo’s common stock will be admitted to the LSE under the same ticker symbol “FERG.” Simultaneously, the Company’s shares will cease trading on the New York Stock Exchange (NYSE), and New TopCo’s stock will begin trading there under the same symbol.

The transition is also influenced by proposed reforms to the UK Listing Rules, which may affect the specific segment of the Official List where New TopCo will be listed. The company will provide further updates once the final listing segment is determined.

This move reflects a strategic shift to align the company’s corporate domicile with its primary market operations in North America and is not expected to impact the company’s ongoing business operations or its commitment to serving its customers.