LONDON, Dec 22 (Reuters) - Home improvement group Kingfisher has agreed to sell a 70 percent stake in its B&Q Chinabusiness to Wumei Holdings Inc for 140 million pounds ($219million), it said on Monday.
The agreement follows Kingfisher's previous announcement ofits plans to look for a strategic partner to help develop itsB&Q business in China, which is made up of 39 stores.
The deal is conditional on Chinese Ministry of Commerceapproval and, if approved, is expected to close during the firsthalf of 2015. ($1 = 0.6396 pounds) (Reporting by James Davey; Editing by Neil Maidment)