Deals
Coty Sells 9% of Wella to KKR, Valuing Unit at $4.5 Billion
- Private equity firm’s Coty stake drops to 5.2% as payment
- Deal values new stake in Wella at about $426 million
Source: Coty
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Coty Inc. is selling an additional 9% stake in its haircare brand Wella to private equity firm KKR & Co. in a deal valued at $426.5 million.
Coty will redeem about half of KKR’s outstanding convertible preferred shares and accrued dividends as payment, according to a statement Friday that confirmed a Bloomberg News report. After the deal, KKR’s stake in Coty will drop to about 5.2%.