Coty’s plan to sell a majority stake in its Professional and Retail Hair business to KKR has progressed to the next stage.
Having entered a Memorandum of Understanding in early May, the beauty giant has now signed a definitive agreement with the private equity firm to sell 60% its Wella, Clairol, OPI and ghd brands, which it is collectively referring to as ‘Wella’.
The US$4.3bn deal is said to bring “significant benefits” to Coty including additional liquidity to the sum of $1bn via convertible preferred shares and an expected $2.5bn in cash.
By simplifying its portfolio, Coty hopes to focus on its core businesses, Prestige and Mass Beauty.
In the Prestige division, the conglomerate plans to
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