Adairs shares have jumped more than 20 per cent after the bedding and homeware company said it was acquiring online furniture and decorations retailer Mocka.
Adairs said it would buy Mocka, which was started in 2007 as a New Zealand-based business focused on children-friendly furniture, for $NZ80 million ($A76.18 million) and that the transaction would be completed by mid-December.
“For our shareholders, this acquisition creates a larger more diversified business with increased exposure to the fast-growing online channel,” Adairs chief executive Mark Ronan said in a statement to the ASX on Wednesday.
AAP
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