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Beauty company Coty said on Friday it sold its remaining 25.8 percent stake in hair care brand Wella to KKR for $750 million, while retaining rights to a share of any future sale or initial public offering proceeds.
Coty said it is entitled to 45 percent of any proceeds from a sale or IPO of the business once KKR’s preferred return is met, adding that it plans to use most of the upfront cash to reduce its debt.
The sale also completes a programme launched in 2020 to streamline…
