06/07/2021 | Press release | Distributed by Public on 06/07/2021 07:16

Slaughter and May is advising Reckitt on the sale of its Infant Formula business in China to Primavera Capital Group

Slaughter and May is advising Reckitt Benckiser Group plc ('Reckitt') on the sale of its Infant Formula and Child Nutrition business in China to Primavera Capital Group ('Primavera') for US$2.2 billion. The sale marks another step in Reckitt's strategy to rejuvenate growth and create long term value.

The proposed transaction between Reckitt and Primavera is structured as a sale of the entirety of Reckitt's IFCN business in China including its manufacturing plants in Nijmegen, the Netherlands, and Guangzhou, China. It is subject to consultation with Reckitt's works council in the Netherlands and to certain other customary closing conditions, and it is expected that completion of the sale will occur in the second half of 2021.

Slaughter and May supported Reckitt's in-house legal team, including Rupert Bondy (Group General Counsel), Charlene Lim (Senior Vice President, eRB, VMS & Greater China), John Rix (Senior Counsel - Projects) and Nikita Shah (Senior Legal Counsel - M&A), and worked as a joint team with Nauta Dutilh in the Netherlands (Lieke van der Velden and Anouk Oosterom) and King & Wood Mallesons in China (Xu Ping, Jingchuan Zhao and Li Yan).

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