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01 Oct 2020 | 08:53

Kingfisher sale of Castorama Russia completes after approvals

(Sharecast News) - Kingfisher has completed the sale of Castorama Russia to local home improvement chain Maxidom, it confirmed on Thursday, for a total consideration of RUB 7.4bn (£73m).

The FTSE 100 firm said the total consideration would be satisfied with 80% paid at closing, and the remaining 20% to be paid in equal instalments over two years.

It said the sale had been granted all the required regulatory approvals, and completed on 30 September.

"I am pleased to announce the completion of the sale of Castorama Russia to Maxidom," said chief executive officer Thierry Garnier.

"I would like to thank our Castorama Russia colleagues for their contribution to Kingfisher and wish them well for the future."

At 0944 BST, shares in Kingfisher were up 0.03% at 296.8p.
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