LONDON: Kingfisher plc 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 (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.”
Kingfisher plc is an international home improvement company with approximately 1,350 stores, and operations in eight countries across Europe. It operates under retail banners including B&Q, Castorama, Brico Dépôt, Screwfix, TradePoint and Koçtaş, supported by a team of 74,000 colleagues.
OOO Maxidom (‘Maxidom’) is the first Russian domestic DIY store chain. It entered the market in 1997. Our main work principles are to provide a continuously expanding assortment of goods, while offering Russian and imported products of the best quality, as well as to maintain consumer-oriented prices and great service.
In 23 years, we have built 15 stores in 7 regions of Russia, including large regional stores in Nizhny Novgorod, Kazan, Ekaterinburg, Samara, Ufa and Moscow region. The sales floor area of the first store was 7,500 square meters, and today the company’s total sales area exceeds 200,000 square meters.