Reckitt Benckiser Sells Chinese Infant-Formula and Child-Nutrition Business for $1.3 Billion Net
June 07 2021 - 2:16AM
Dow Jones News
By Ian Walker
Reckitt Benckiser Group PLC said it is selling its
infant-formula and child-nutrition business in China to Primavera
Capital Acquisition Corp. for $1.3 billion net.
The consumer-goods company--which houses Dettol, Harpic and
Durex among its brands--said Saturday the enterprise value of the
deal is $2.2 billion.
The sale follows a review of the business in February, Reckitt
said, adding that it will continue to hold an 8% interest in the
unit.
The sale is expected to be completed in the second half of this
year, it said.
Reckitt said it expects to incur tax costs of around 300 million
pounds ($424.7 million) and other costs of GBP200 million. The net
proceeds of the sale will be used to cut debt, it said.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
June 07, 2021 02:10 ET (06:10 GMT)
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