In return, the company will receive half of the remaining convertible preference shares of KKR in Coty
Снимка: Wolfgang von Brauchitsch / Bloomberg Coty’s share price rose 2.3% before the start of the trading day in the United States after the company announced that it had entered into an agreement to sell a stake of nearly 9% of the beauty and hair products company Wella to the company investing KKR & Co. In return, he will receive half of the other convertible preferred shares of KKR in Coty, MarketWatch writes. The deal will reduce Coty’s stake in Wella to around 30.6% and reflects a 50% increase in Wella’s value since Coty completed the sale of 60% of KKR’s company in December 2020, Coty said. Preference shares and accrued dividends amount to about 47 million ordinary shares, or $ 426.5 million. Following the completion of the transaction, KKR will own 45 million Coty Class A shares, or 5.2% stake. The agreement will simplify Coty’s capital structure and lead to annual dividend savings of around $ 26 million, or $ 52 million, when combined with KKR’s secondary offering of shares, which ended in September. “The estimated value of the remaining 30.6% stake in Wella is about $ 1.38 billion, compared to $ 1.26 billion for a 40 percent stake as of June 30, 2021,” Coty said. )The transaction is expected to be finalized in the fiscal second quarter.
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