Swiss giant Nestlé has closed the sale of its skincare subsidiary Nestlé Skin Health. The company was sold to a consortium led by Swedish fund EQT and a subsidiary of the Abu Dhabi Investment Authority sovereign wealth fund. The sale has a value of 10,2 billion Swiss francs, equal to 9,3 billion euros, a figure higher than that expected by analysts.
“The announcement follows the completion of customary regulatory clearances and closing conditions,” Nestlé said in a statement. The multinational based in Vevey (VD) had already communicated last May that it was in "exclusive negotiations" with the consortium for the sale of a company that "was located outside the strategic perimeter of the group" focused on food products, beverages and nutritional health products.
Nestlé Skin Health, founded in 2014 following the acquisition of the Galderma laboratory, has a turnover of 2,8 billion francs and employs over 5.000 people worldwide.
On the Zurich Stock Exchange, Nestlé shares are down 1,14% today.
