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Kingfisher completes sale of controlling stake in B&Q China

B&Q China 2

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.

Source : Kingfisher Press Release

30 April 2015

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