Kingfisher to sell controlling stake in B&Q China business
Kingfisher, the owner of B&Q and Screwfix, has agreed to sell a 70% stake in its B&Q China business to Wumei Holdings in an £140 million deal.
The agreement follows Kingfisher's previous announcement that it was seeking a strategic partner to help develop the business in China.
The transaction is conditional on Chinese Ministry of Commerce approval and, if approved, is expected to close during the first half of next year.
Kingfisher group chief executive Véronique Laury said: "I am delighted to have found a strong retail partner who will help us to release the financial value of our business in China. This will enable us to focus our financial resources and management talent on the large and attractive European home improvement market."
Founded in 1994, Wumei Holdings is one of China's leading retail chain store operators. With headquarters in Beijing, the group operates around 650 supermarkets and 10 department stores in the north, east and west of the country.
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