India, July 18 -- British nutrition products maker Reckitt Benckiser (RBGPF.PK, RB.L) announced Friday that it has entered into an agreement with private equity investor Advent International, L.P. to divest its Essential Home business. The transaction values Essential Home at an enterprise value of up to $4.8 billion.
The company plans to retain an interest in Essential Home through a 30% equity stake in Advent's acquisition vehicle.
The company said the enterprise value includes up to around $1.3 billion of contingent and deferred consideration.
The deal is expected to complete by December 31, subject to customary regulatory approvals.
The divestment is a key part of its strategy, announced last year, to reshape into a more efficient, ...