Coty Inc. (COTY) has agreed to sell an approximate 4.7% stake in Wella to KKR in exchange for the redemption of approximately 56% of KKR's remaining convertible preferred shares in Coty. The deal reduces Coty's total shareholding in Wella to approximately 25.9%. KKR will continue to have a 2.4% ownership stake in Coty on an as-converted basis.

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RTTNews | Nov 8, 2021 06:50AM EST

06:50 Monday, November 8, 2021 (RTTNews.com) - Coty Inc. (COTY) has agreed to sell an approximate 4.7% stake in Wella to KKR in exchange for the redemption of approximately 56% of KKR's remaining convertible preferred shares in Coty. The deal reduces Coty's total shareholding in Wella to approximately 25.9%. KKR will continue to have a 2.4% ownership stake in Coty on an as-converted basis.

Coty said the transaction will further simplify the company's capital structure and result in an additional approximately $14 million in annual dividend cash savings.

Read the original article on RTTNews ( https://www.rttnews.com/3240330/coty-to-sell-additional-stake-in-wella-to-kkr-in-deal-valued-at-approx-215-7-mln.aspx)

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