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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

Market: LSE
Market Cap: £6.75 billion

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