Kingfisher has completed the sale of its Italian Castorama business to Leroy Merlin Italy for €615 million.

The funds raised in the deal agreed in August will help to pay down the debt of the DIY business.

Kingfisher group chief executive Ian Cheshire said: "I am delighted that we have completed this transaction, which enables us to reduce net debt by more than €600 million at a time when a strong balance sheet is so important. The sale is consistent with Kingfisher's aim of delivering value for shareholders.”

Leroy Merlin Italy is part of French home improvement retailer Groupe Adeo.

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