May 11, 2020 / 10:49 AM / 21 days ago

REFILE-Coty to sell majority stake in hair care brands to KKR in $4.3 bln deal

(Corrects typo in first paragraph)

May 11 (Reuters) - Cosmetics maker Coty Inc on Monday said it had agreed to sell a majority of its professional beauty and retail hair businesses, including Wella and Clairol brands, to investment firm KKR in a deal valued at $4.3 billion.

Under the deal, the businesses will become a standalone company, with KKR acquiring a 60% stake and Coty retaining the rest.

Coty also said third-quarter sales declined 23% on a reported basis to $1.53 billion in the three months ended March 31. (Reporting by Praveen Paramasivam in Bengaluru)

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