Reckitt Benquiser has agreed to sell its milk powder business in China to private equity firm Primavera.

In this transaction, the unit is valued at $ 2.2 billion. A UK-based consumer goods company expects to receive approximately $ 1.3 billion in cash from transactions, which will be used to repay debt and hold an 8% stake in the unit, in a statement on Saturday. Stated.

The deal will help Reckitt Benkeiser “invigorate growth and create long-term value,” said Laxman Narasimhan, CEO of the company, in a statement, the group said. And he manages his portfolio resolutely.”

Read more/Source: California News Times