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KKR & CO INC

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KKR : Nestle in talks with EQT Partners to sell skin health unit

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05/15/2019 | 01:13pm EDT
A logo is pictured during the 152nd Annual General Meeting of Nestle in Lausanne

(Reuters) - Nestle SA is in exclusive talks with a consortium led by private equity firm EQT Partners for a sale of its skin health unit, according to a source familiar with the matter.

EQT is putting the finishing touches to the deal, which would value the unit at up to $10 billion and could be signed in the next 24 hours, the source said.

EQT has teamed up with Abu Dhabi Investment Authority (ADIA), several sources told Reuters. It faced competition from rival buyout funds and some industry players including a consortium of Advent and Cinven as well as U.S. private equity firm KKR & Co Inc and European fund PAI Partners, the sources said.

Nestle's skin health unit, which sells Cetaphil, was formed in 2014 when it bought a stake in cosmetics brand L'Oreal.

The unit was put up for sale last September, as Nestle tries to ditch underperforming businesses in an effort to fend off criticism from an activist investor demanding an overhaul.

Nestle and EQT declined to comment.

The Financial Times reported about the deal talks earlier in the day.

(Reporting by Pamela Barbaglia in London and Maria Ponnezhath in Bengaluru; Editing by Saumyadeb Chakrabarty and Shailesh Kuber)

By Pamela Barbaglia

Stocks treated in this article : Nestlé, KKR & Co Inc
Stocks mentioned in the article
ChangeLast1st jan.
KKR & CO INC -0.21% 23.99 Delayed Quote.22.21%
NESTLÉ -0.32% 99 Delayed Quote.24.06%
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Financials ($)
Sales 2019 3 603 M
EBIT 2019 1 897 M
Net income 2019 -
Debt 2019 -
Yield 2019 2,08%
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 3,62x
Capi. / Sales 2020 3,15x
Capitalization 13 049 M
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 29,7 $
Spread / Average Target 24%
Managers
NameTitle
Henry R. Kravis Co-Chairman & Co-Chief Executive Officer
George Rosenberg Roberts Co-Chairman & Co-Chief Executive Officer
Joseph Yong Bum Bae Co-President, Co-COO & Director
Scott Charles Nuttall Co-President, Co-COO & Director
William Joseph Janetschek Chief Financial Officer
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