PARIS – As Coty Inc. continues to deleverage, it has agreed to sell $150 million of its stake in hair care giant Wella.
Coty said Tuesday that it expects to sell a 3.6 percent stake within the skilled hair care brand to investment firm IGF Wealth Management, with the money proceeds for use to pay down debt.
Coty reiterated its commitment to divest its remaining 22.3 percent stake in Wella by 2025. The group said that the $150 million reflects a 4 percent premium to the book value of Wella as of March 31.
The deal is predicted to shut in the subsequent two months.
“Today’s announcement is a milestone for Coty, because the partial monetization of our Wella stake reinforces the strength of...
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