Haleon Agrees to Sell ChapStick Brand for Up to $510 Million
25 Gennaio 2024 - 8:53AM
Dow Jones News
By Michael Susin
Haleon said that it has agreed to sell ChapStick lip-care brand
to Suave Brands Co. for up to $510 million as it seeks to divest
from non-core assets and reduce debt.
The consumer-healthcare business--which was spun out of GSK and
is partly owned by Pfizer--said on Thursday it will receive cash
proceeds of around $430 million, as well as a passive minority
interest in the Suave Brands Co.--a portfolio company of
private-equity firm Yellow Wood Partners--valued at up to $80
million.
Haleon said proceeds from the sale will be used to pay down
debt.
"[ChapStick] is not a core focus for Haleon. Selling the brand
allows us to simplify our business and pay down debt more quickly,"
Chief Executive Brian McNamara said.
The sale is expected to close in the second quarter of 2024.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
January 25, 2024 02:38 ET (07:38 GMT)
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