Kingfisher has announced that it has completed the sale of Castorama Russia to Maxidom, a leading home improvement company in Russia, for a total consideration of RUB c.7.4bn (£73m).
The total consideration of RUB c.7.4bn will be satisfied with 80% paid at the closing of the transaction and the 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 col-leagues for their contribution to Kingfisher and wish them well for the future."
The news comes after the company spoke on its Q2 financials as sales had grown by 21.8% (to 13 June). Additionally, like many other businesses, the group saw strong ecommerce growth during the pandemic and lockdown, seeing fourfold growth between mid-March and 13 June 2020.
