Slaughter and May and Kirkland & Ellis have picked up lead advisory roles as British multinational Reckitt sells its Essential Home business to Advent International for an enterprise value of up to $4.8bn (£3.56bn).
The deal sees Advent buying a 70% stake in the business, which includes leading global brands such as Cillit Bang, Calgon and Air Wick as well as around 75 brands in around dozens of markets around the world, with Reckitt retaining an interest in Essential Home through a 30% equity stake in Advent’s acquisition vehicle.
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