leadf
logo-loader
viewKingfisher PLC

Kingfisher sells Castorama Russia for £73mln

The retailer had been looking for a buyer for two years

Kingfisher PLC - Kingfisher sells Castorama Russia for £73mln

Kingfisher PLC (LON:KGF) announced it has completed the sale of Castorama Russia to local home improvement company Maxidom for £73mln.

The DIY stores chain will pay 80% of the consideration at the closing of the transaction while the remaining 20% will be paid in equal instalments over two years.

READ: Kingfisher profits through the roof as lockdown leads to home improvement boom

The retailer said in 2018 it was looking to exit Russia, as well as Portugal and Spain, to focus on markets where it has a stronger presence such as UK, France and Poland.

In fact, Castorama Russia comprises only 21 stores in a total of 1,366 sites across nine countries.

The sale comes as a success for the company, which had been struggling to offload its unwanted operations due to weak consumer spending across Europe.

Shares rose 1% to 300.46p early on Thursday.

--Adds shares--

Quick facts: Kingfisher PLC

Price: 319.7 GBX

LSE:KGF
Market: LSE
Market Cap: £6.75 billion
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

4D pharma plc merges with SPAC company Longevity Acquisition Corp

4D pharma plc (LON:DDDD) CEO Duncan Peyton tells Proactive the group is to get a cash injection of US$14.6mln through a merger with Longevity Acquisition Corporation (NASDAQ:LOAC), a special purpose acquisition company. Peyton says the merger will accelerate and de-risk 4D's admission to...

8 hours, 49 minutes ago

2 min read