B&Q owner Kingfisher PLC (LSE:KGF) is exiting the Romanian market through the sale of its Brico Dépôt Romania business to Altex Romania for an enterprise value of €70 million (£58.00 million).
The transaction includes 31 stores in 24 cities, along with distribution operations and the head office in Bucharest.
Kingfisher’s chief executive, Thierry Garnier, said the decision was part of a strategy to focus on markets with stronger growth potential.
"We are pleased to have found an experienced and successful local buyer for Brico Dépôt Romania,” he added.
Altex Romania sees this acquisition as a step towards expanding in the DIY market.
Dan Ostahie, chief executive of Altex Romania, said: "This marks a significant milestone for all parties involved, and this first step opens up new horizons for growth and opportunities in the DIY market in Romania.”
Brico Dépôt Romania reported sales of £269 million, around 2.1% of Kingfisher’s total sales, in the last financial year.
It delivered a loss of £18 million.