Kingfisher completed the sale of Castorama Russia to Maxidom, a leading home improvement company in Russia, for a total consideration of RUB c.7.4bn (c.£73m).
The total consideration of RUB c.7.4bn will be satisfied as follows:
- 80% paid at the closing of the transaction
- Remaining 20% to be paid in equal instalments over two years
- The sale has been granted all regulatory approvals and completed on 30 September.
Thierry Garnier, CEO of Kingfisher, said: ”I am pleased to announce the completion of the sale of Castorama Russia to Maxidom. I would like to thank our Castorama Russia colleagues for their contribution to Kingfisher and wish them well for the future.”