Nestle in talks with EQT Partners to sell skin health unit - source
(Adds detail and background)
By Pamela Barbaglia
May 15 (Reuters) - Nestle SA is in exclusive talks
with a consortium led by private equity firm EQT Partners for a
sale of its skin health unit, according to a source familiar
with the matter.
EQT is putting the finishing touches to the deal, which
would value the unit at up to $10 billion and could be signed in
the next 24 hours, the source said.
EQT has teamed up with Abu Dhabi Investment Authority
(ADIA), several sources told Reuters. It faced competition from
rival buyout funds and some industry players including a
consortium of Advent and Cinven as well as U.S. private equity
firm KKR & Co Inc and European fund PAI Partners, the
Nestle's skin health unit, which sells Cetaphil, was formed
in 2014 when it bought a stake in cosmetics brand L'Oreal.
The unit was put up for sale last September, as Nestle tries
to ditch underperforming businesses in an effort to fend off
criticism from an activist investor demanding an overhaul.
Nestle and EQT declined to comment.
The Financial Times reported about the deal talks earlier in
(Reporting by Pamela Barbaglia in London and Maria Ponnezhath
Editing by Saumyadeb Chakrabarty and Shailesh Kuber)
First Published: 2019-05-15 18:24:53
Updated 2019-05-15 19:09:30
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