Rautakesko acquires Russian DIY chain

Rautakesko, the DIY and building division of the Finnish Kesko Group, is acquiring all the share capital in the St. Petersburg DIY chain Stroymaster from the Teks Group. The purchase price at maximum has been quoted as € 19.6 mio. Stroymaster operates four stores in the St. Petersburg city area, with a fifth currently under construction. Bigger stores in the K-Rauta format are also envisaged outside St. Petersburg. Stroymaster’s net sales in 2004 came to € 49 mio, an increase of 29 per cent over the previous year. The deal is subject to the approval of the Russian competition authorities and to the fulfilment of further terms of the agreement.