30 April 2015
Kingfisher plc announces sale completion of controlling stake in its B&Q China business
On 22 December 2014 Kingfisher plc announced a binding agreement to sell a controlling 70% stake in its B&Q China business to Wumei Holdings Group for a total cash consideration of £140 million. This agreement followed Kingfisher's previous announcement of its plans to look for a strategic partner to help develop its B&Q business in China.
The transaction was conditional on MOFCOM (Chinese Ministry of Commerce) approval. Following recent receipt of this approval and the cash consideration, the transaction has now completed.
Kingfisher will account for its remaining 30% interest as an investment. Adjusted measures for 2015/16 and 2014/15 will exclude B&Q China's operating results.
Enquiries
Investors +(44) 20 7644 1032
Media +(44) 20 7644 1030
