Kingfisher plc has announced the sale of a controlling stake in its B&Q China business for £140m.
The 70% stake is to be sold to Chinese retail chain Wumei Holdings.
B&Q opened its first store in China in 1999 and now has 39 outlets in the country.
Véronique Laury, Kingfisher’s group chief executive, 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.”
Wumei Holdings runs around 650 supermarkets and 10 department stores in China.
The sale is subject to approval by the Chinese ministry of commerce MOFCOM.
