British consumer goods maker Reckitt Benckiser Group Plc said on Saturday it was selling its infant formula and child nutrition (IFCN) business in China to investment firm Primavera Capital Group for an enterprise value of $2.2 billion.
The Lysol disinfectant and Dettol soap maker will retain an 8% stake in IFCN China and anticipates net cash proceeds to be about $1.3 billion, it said in an emailed statement.
As a result of the sale, Reckitt said it expects to incur a net loss of 2.5 billion pounds ($3.5 billion), principally relating to the re-measurement of goodwill and intangible assets for IFCN China, it said.
Source: Reuters
Can’t stop reading? Read more
Copenhagen Infrastructure Partners secures €1.3bn first close for flagship green credit fund
Copenhagen Infrastructure Partners secures €1.3bn first close for flagship green credit fund...
Ontario Teachers’ reports 6.7% return as assets reach $279.4bn
Ontario Teachers’ reports 6.7% return as assets reach $279.4bn Ontario Teachers’ Pension Plan...
BNP Paribas gathers €540m for GP stakes strategy targeting private capital managers
BNP Paribas gathers €540m for GP stakes strategy targeting private capital managers BNP Paribas...