Kingfisher has sold its Castorama division in Russia to domestic chain Maxidom in a £73m deal.
B&Q and Screwfix parent company Kingfisher’s sale of its Russian Castorama division was completed yesterday, with 80% of the sale price paid at the point of transaction and the remaining 20% paid in instalments over the next two years.
Kingfisher unveiled its plan to sell its Russian operations alongside those in Portugal and Spain in 2018 in favour of focusing on UK, France and Poland markets, but has struggled to offload the chain before now.
The sale of the business to Maxidom, one of Russia’s leading home improvement companies, marks the first sale since the appointment of Kingfisher boss Thierry Garnier.
Kingfisher chief executive Thierry Garnier said: “I am pleased to announce the completion of the sale of Castorama Russia to Maxidom. I would like to thank our Castorama Russia colleagues for their contribution to Kingfisher and wish them well for the future.”
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