Coty signs off $4.3bn KKR deal, names Chairman as new CEO

Chairman Peter Harf will succeed Pierre Laubies as CEO, working alongside Coty's newly-appointed Chief Transformation Officer, Gordon von Bretten

OPI is one of the brands included in the $4.3bn deal

Coty’s plan to sell a majority stake in its Professional and Retail Hair business to KKR has progressed to the next stage.

Having entered a Memorandum of Understanding in early May, the beauty giant has now signed a definitive agreement with the private equity firm to sell 60% its Wella, Clairol, OPI and ghd brands, which it is collectively referring to as ‘Wella’.

The US$4.3bn deal is said to bring “significant benefits” to Coty including additional liquidity to the sum of $1bn via convertible preferred shares and an expected $2.5bn in cash.

By simplifying its portfolio, Coty hopes to focus on its core businesses, Prestige and Mass Beauty.

In the Prestige division, the conglomerate plans to . . .

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