Coty has announced that the sale of Wella—which includes Clairol, OPI and ghd brands—to KKR for $2.5 billion will be completed by November 30, 2020.
Previously: Coty/KKR Close Deal, Coty CEO Announced
Coty and KKR have entered into amended and restated transaction agreements which remain substantially the same as the original agreements, with the primary adjustment being the removal of certain completion conditions and the sale and transfer of certain entities to Wella post-completion.
KKR will own 60% of the standalone Wella entity, while Coty retains the remaining 40%.
Coty reportedly expects to utilize approximately $2 billion of the net proceeds to pay down its term loans A and B on a pro rata basis, with the remainder used for general corporate purposes.