HOME AND DIY RETAIL NEWS
Kingfisher completes sale of Castorama Russia to Maxidom
1 October, 2020 | by Angela Beevers
B&Q owner Kingfisher has completed the sale of Castorama Russia to Maxidom in a deal worth £73 million.
In a statement, the B&Q owner said 80% of the sum was paid at the closing of the transaction and the remaining 20% will paid in equal instalments over two years.
The sale has been granted all regulatory approvals.
Thierry Garnier, chief executive 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.”
Maxidom operates 15 stores in seven Russian regions. Its shop portfolio includes large stores in Nizhny Novgorod, Kazan, Ekaterinburg, Samara, Ufa and the Moscow area.
