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.”

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