Coty agrees to acquire ghd from Lion Capital for approx. GBP420M in cash
Coty announced that it has reached a definitive agreement to acquire ghd, a premium brand in high-end hairstyling appliances from Lion Capital LLP for approximately GBP420M in cash. The transaction will be funded with a combination of cash on hand and available debt facilities. Upon closing, the acquisition is expected to be immediately accretive to Coty's earnings. ghd will become part of the Coty Professional Beauty division, where it will be managed as a standalone business led by its current CEO Anthony Davey and management team. Anthony Davey will report to Sylvie Moreau, President of Coty Professional Beauty. The transaction is subject to regulatory clearances and other customary closing conditions, and is expected to close by the end of calendar year 2016. Lion Capital and ghd were advised by Rothschild & Co. and Proskauer Rose LLP. Skadden Arps Slate Meagher & Flom LLP acted as legal counsel for Coty Inc.