Kingfisher spends some EUR 22 mln on Praktiker Romania takeover

British group Kingfisher, one of the biggest do-it-yourself (DIY) retailers in Europe spent some GBP 19 million (EUR 22 million) on taking over the Praktiker Romania DIY network from local investor Omer Susli. Kingfisher paid some GBP 14 million (EUR 16 million) for the Praktiker shares with the remaining EUR 6 million covering the company’s net debt, according to the group’s annual report. Praktiker operates 26 DIY stores in Romania and had 1,600 employees and a turnover of EUR 140 million in 2016. Kingfisher bought the network to consolidate its presence on the local market, where the group also owns 15 stores under the Brico Depot brand. The Brico Depot network had 964 employees and sales of EUR 144 million in 2016. Kingfisher’s main competitors in Romania are local groups Dedeman and Arabesque, French group Leroy Merlin, and German group Hornbach. editor@romania-insider.com