LONDON, April 18 (Reuters) - Kingfisher PLC,Europe's largest DIY retailer, has acquired 15 stores in Romaniafrom French retail company Group Bresson for an undisclosed sum,Kingfisher said on Thursday.
Kingfisher said there was a strong DIY culture amonghomeowners in Romania and there was scope to expand to around 50stores in the longer term.
The stores recorded sales of 131 million euros in 2012 andcore earnings of 5 million euros, a statement from Kingfishersaid.
The deal is planned to complete in the next two months andis expected to be earnings neutral in the first year.
The newly acquired stores will be converted into Brico Depotstores, Kingfisher's French format.
"The Brico Depot store model has proved very successful inFrance and Spain, and we have said before that it has thepotential for further international expansion," said IanCheshire, Kingfisher's Group Chief Executive.
"The home improvement market in Romania has solid growthpotential and the stores we are acquiring are in goodlocations."
The deal increases Kingfisher's selling space by 2 percent,and takes its total store numbers to around 1,050 in ninecountries in Europe and Asia.
Shares in Kingfisher, which is listed on the London StockExchange, opened up 0.1 percent at 292.7 pence.
Kingfisher (KGF)
