As Coty Inc. continues to deleverage, it has agreed to sell $150 million of its stake in hair care giant Wella.
“Today’s announcement is a milestone for Coty, as the partial monetization of our Wella stake reinforces the strength of our balance sheet, with no debt maturities in the next two years and our remaining Wella stake carrying an implied valuation of approximately $900 million,” Laurent Mercier, chief financial officer of Coty, said in a statement.
The group planned to use $2 billion to pay down debt, with the rest earmarked for general corporate purposes. Then in October 2021, Coty said it was selling about 9 percent of its stake in Wella to KKR in exchange for almost half of the U.S. cosmetics group’s shares that the private equity firm owned in a transaction valued at approximately $426.5 million.
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