Reckitt to sell China baby formula business to Primavera Capital

Reckitt Benckiser Group Plc said on Saturday it was selling its infant formula and child nutrition (IFCN) business in China.

BENGALURU: 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 IFCN China and anticipates net cash proceeds to be about $1.3 billion, it said in an emailed statement.