SIG is also selling its Air Handling Division to France Air Management SA for £198.3m.
Most of the proceeds will go to reduce SIG’s debt, which at the end of last year stood at £270m, giving it a debt/equity ratio of 1.36.
The sales follows a strategic review at SIG in 2017 that resulted in a decision to sell non-core businesses. The Building Solution operation was consixdered non core because it is more focused on manufacturing than distribution.
SIG chief executive Meinie Oldersma said: "This disposal, on attractive terms, is in line with SIG's medium-term strategy and completes the exit of peripheral, non-core businesses identified in our 2017 strategic review."
Completion of the deal is conditional on completing the Competition & Markets Authority's clearance process.