LONDON: Home improvement group Kingfisher has agreed to sell a 70 percent stake in its B&Q China business to Wumei Holdings Inc for 140 million pounds ($219 million), it said on Monday.
The agreement follows Kingfisher's previous announcement of its plans to look for a strategic partner to help develop its B&Q business in China, which is made up of 39 stores.
The deal is conditional on Chinese Ministry of Commerce approval and, if approved, is expected to close during the first half of 2015.
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