INVESTMENT firm Clayton, Dubilier & Rice has completed its previously announced acquisition of French furniture retail chain BUT in union with a major European retailer.

The US buyout firm has completed the transaction as part of a 50:50 partnership with WM Holding, a company related to XXXLutz Group, one of the continent's three largest furniture retailers.

Plans to progress a deal were first disclosed in July (see related). BUT trades from 303 stores and has annual sales of around €1.5 billion. It sells furniture, home décor and electrical appliances.

Sir Terry Leahy, senior advisor to CD&R funds and former CEO of Tesco, becomes chairman.

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