Kingfisher Sells Russian Castorama Arm For GBP73 Million

Thu, 01st Oct 2020 08:31

(Alliance News) - B&Q and Screwfix owner Kingfisher PLC on Thursday said it completed the sale of its Castorama Russia to home improvement company Maxidom.

Kingfisher secured RUB7.4 billion, about GBP73 million, from the disposal, the DIY retailer said.

The sale got over the line on Wednesday after securing all regulatory green lights.

Kingfisher explained 80% of the sales price was paid on completion of the deal with a further 20% to paid in equal instalments over the next two years.

Kingfisher shares were up 0.8% at 299.00 pence apiece in London on Thursday morning.

By Eric Cunha; ericcunha@alliancenews.com

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