Travis Perkins has announced plans to buy BSS Group.

Builders' merchant Travis Perkins has today announced plans to buy BSS Group, following "advanced discussions".

Travis Perkins made an offer of £553 million for the company, which owns Plumbing Trade Supplies (PTS).

According to the company: "While BSS remains confident in the standalone prospects for BSS, given current volatility in the equity markets, support of certain shareholders for the indicative offer and the significant scale benefits from a combination, BSS would be prepared to recommend an offer by Travis Perkins to acquire the entire share capital."

Travis Perkins believes there should be no material competition issues and that the deal would be approved at the end of a first-phase review process.