Kingfisher has completed the sale of its Italian Castorama business to Leroy Merlin Italy for €615 million.
The funds raised in the deal agreed in August will help to pay down the debt of the DIY business.
Kingfisher group chief executive Ian Cheshire said: "I am delighted that we have completed this transaction, which enables us to reduce net debt by more than €600 million at a time when a strong balance sheet is so important. The sale is consistent with Kingfisher's aim of delivering value for shareholders.”
Leroy Merlin Italy is part of French home improvement retailer Groupe Adeo.
No comments yet