Coty completes sale of its Professional and Retail business to KKR

Coty Inc has closed the sale of its stake in Wella which includes Clairol, OPI and ghd brands. In May, Coty had announced a sale of a majority stake Professional Beauty Division to KKR amounting to $4.3 billion.

The agreement gives give KKR 60% standalone stake in Wella while Coty will receive $2.5bn in cash and retain 40% of the stake. The Wella sale allows Coty to streamline its structure to focus on two core businesses: Prestige Beauty and Consumer Beauty. Coty CEO, Sue Nabi said “I am very pleased that Coty will still share in Wella’s success through our remaining 40% stake.”