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Unilever PLC (NYSE:UL) disclosed a binding offer to sell Elida Beauty Business to Yellow Wood Partners LLC for an undisclosed amount.
Elida Beauty comprises over 20 beauty and personal care brands, such as Q-Tips, Caress, Timotei, and Tigi, and generated around €0.8 billion in revenues in 2022.
Related: Unilever Ropes In Morgan Stanley To Launch Bid For Sale Of Its Non-Core Beauty Brands: Report
Fabian Garcia, President of Unilever Personal Care, stated, "This marks another step towards the optimisation of our Personal Care portfolio. Our priority is to step up the growth of our Power Brands by investing behind key strategic focus areas such as driving unmissable brand superiority and scaling multi-year innovations."
The divestiture is projected to be completed by mid-2024, subject to the usual closing conditions, regulatory requirements, and consultation processes.
Price Action: UL shares are trading higher by 0.34% at $47.53 premarket on the last check Monday.
