EQT, Abu Dhabi nearing deal for Nestle Skin Health

Thursday, 16. May 2019 08:10

Nestle SA said on Thursday that it entered into exclusive talks to sell Nestle Skin Health for 10.2 billion Swiss francs (€9 billion) to a consortium led by Investor AB's EQT Partners AB and the Abu Dhabi Investment Authority (ADIA).

The food and drinks giant noted the division with more than 5,000 employees in forty countries, officially under review since September, had turnover of 2.8 billion Swiss francs last year. The deal will also depend on "consultations" with trade unions and regulatory clearance, according to the company based in Vevey, Switzerland, which added it expects to execute the transaction by the end of the year.

An earlier news report indicated Canada's Public Sector Pension Investment Board (PSP Investments) is part of the same group. Unnamed sources have added KKR and Co. Inc. and another consortium, led by Advent International Corp. and Cinven Partners Llp, have made offers for the purchase of the unit, while that Unilever and Colgate-Palmolive have also considered the possibility to bid. Nestle said it would come out with the plan for the use of funds and the future capital structure when a deal is reached.

Related Links: Nestlé SA
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