UPDATE 3-Nestle revamp advances with $10 bln sale of skin health unit to buyout funds [Reuters (UK)]
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Source: Reuters
Nestle revamp advances with $10 billion sale of skin health unit to buyout funds - Reuters 5 Min Read ZURICH/FRANKFURT (Reuters) - Nestle has entered exclusive talks to sell its skin health business to a consortium led by EQT Partners for 10.2 billion Swiss francs ($10.12 billion), as the food group shifts its portfolio in response to changing consumer demands. The proposed transaction with private equity firm EQT, a unit of the Abu Dhabi Investment Authority and PSP Investments is expected to close in the second half of 2019 pending regulatory approval, Nestle said on Thursday. Nestle Chief Executive Mark Schneider put the skin health unit up for sale last September as the group moved to ditch underperforming businesses, following years of slowing growth as many consumers favored fresh foods over packaged goods. Nestle was also under fire from activist investor Daniel Loeb’s Third Point, which asked for a faster overhaul in July. The U.S. hedge fund has since generated very good retu
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