Reckitt said to have started talks on £6bn sale of homecare assets
By Michele Maatouk
Date: Wednesday 18 Sep 2024
(Sharecast News) - Reckitt Benckiser has reportedly started early discussions with some of the potential suitors for its homecare assets, which could fetch more than £6bn in a deal.
Bloomberg cited people familiar with the matter as saying that the consumer goods giant is working with Morgan Stanley for the brands including air freshener Airwick and Cillit Bang cleaners.
Mostly financial investors as well as some consumer companies have shown interest in the assets, the sources said, adding that a formal sale process is likely to kick off within months and be completed in 2025.
It was also understood that Goldman Sachs is helping Reckitt on evaluating options for its formula brand Mead Johnson, including a potential sale. Deliberations are ongoing and no final decision has been made, the people said.
Reckitt announced in July that it was planning to sell some of the homecare brands that it's deemed non-core and review options for its infant formula business. It said it wanted to focus on "power brands" like Strepsils lozenges, the Mucinex cold remedy, Gaviscon for heartburn and Durex condoms, along with some disinfectants like Harpic, Vanish, Dettol and Lysol that boomed during the pandemic.
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