Reckitt to sell China baby formula business to Primavera Capital for $2.2b

FILE PHOTO: Mead Johnson's product Enfamil baby formula are displayed on a store shelf in New York City, U.S., February 10, 2017. REUTERS/Brendan McDermid/File Photo

British consumer goods maker Reckitt Benckiser Group Plc said on Saturday it was selling its infant formula and child nutrition (IFCN) business in China to investment firm Primavera Capital Group for an enterprise value of $2.2 billion.

The Lysol disinfectant and Dettol soap maker will retain an 8% stake in the IFCN China unit and anticipates net cash proceeds from the sale to be about $1.3 billion, it said in an emailed statement.

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