THE WHAT? Henkel and buyout firm KKR have joined a small group of interested parties moving on to the second round of bidding for Coty Inc’s professional hair and nail products business, according to Bloomberg.com.
THE DETAILS Reportedly due to fetch around $7-$8 billion, the consortium of Cinven and the Abu Dhabi Investment Authority were not asked to continue to the second round following their bid, while Bain Capital and Clayton Dubiller & Rice removed themselves from the challenge.
According to people familiar with the matter, Boticario Group is said to have been looking at parts of the business, with shares of Coty jumping 5.7 percent in trading this week – it’s highest in over a month.
THE WHY? The sale is part of Coty’s ongoing strategic review of its professional beauty business, which is expected to be wrapped up by the end of summer 2020.