Clifford Chance

Clifford Chance advises Wumei Holdings on purchase of controlling stake in the B&Q China business from Kingfisher

Leading international law firm Clifford Chance has advised Wumei Holdings, Inc. on its agreement to purchase a 70% stake in the B&Q China business from Kingfisher plc, Europe's leading home improvement retailer for £140 million (approx. US$218 million). The deal is subject to obtaining regulatory approval.

Wumei Holdings is one of China's leading retail chain store operators with 650 supermarkets and 10 department stores. It is also the controlling shareholder of Hong Kong listed Wumart Stores, Inc. and Shanghai listed Yinchuan Xinhua Commercial (Group) Co., Ltd.

Corporate partner Neeraj Budhwani commented, "We're delighted to have advised Wumei on this strategic acquisition. Its expertise in the China retail market will help to propel the B&Q brand in expanding its business in the China market."

B&Q China, one of the largest Western retailers operating in China with 39 stores, is a leading DIY and home improvement retailer.

Neeraj was assisted by senior associate Bryan Koo on this transaction.