Nestle to Sell Skincare Business

• Nestle to Sell Skincare Business

Nestle is in the process of selling its skincare unit, the Swiss Food giant said on Thursday.

The company is already in talks with a business group led by a Swedish private equity firm and the Abu Dhabi Investment Authority.

The deal is estimated at about 10.2 billion Swiss francs (9.3 billion euros, $10.12 billion), according to the statement put out by the group.

Nestle expected talks with EQT, an equity firm, and the subsidiary of Abu Dhabi Investment Authority to be completed by the second half of the year.

However, for the deal to be completed, regulatory authorities and employee of the business unit have to approve it, the food company stated.

Nestle Skincare business currently employs 5,000 people worldwide and announced a sales revenue of 2.8 billion Swiss francs in 2018. While the company as a whole reported a sales of 91.4 billion Swiss francs for the same year.