Cosmetics maker Coty Inc on Monday said it had agreed to sell a majority of its professional beauty and retail hair businesses, including Wella and Clairol brands, to investment firm KKR in a deal valued at $4.3 billion.
Under the deal, the businesses will become a standalone company, with KKR acquiring a 60% stake and Coty retaining the rest.
Coty also said third-quarter sales declined 23% on a reported basis to $1.53 billion in the three months ended March 31.
Source: Reuters
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