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.
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