The hardware store chain Obi sells its Russian hardware stores and gets no money for it.
On Tuesday, "all legal entities were transferred to an investor without payment of the purchase price," the company announced on Wednesday in Wermelskirchen.
The approval of the competent authorities is still pending.
Under the new owner, the "Obi" brand will no longer be used in Russia.
The company says it is “neither directly nor indirectly active in Russia”.
After Russia's attack on Ukraine, Obi announced in early March that it was withdrawing from the market.
Now that retreat is complete.
The Tengelmann subsidiary said it had 27 hardware stores and 4,900 employees in Russia.
Measured against the total workforce, Russia accounted for about a tenth for the hardware store chain: in March, Obi had a total of 48,000 employees and 670 stores in eleven countries, with the focus on Germany.
Now the Russia share is gone.