Kirkland & Ellis is advising Advent on its agreement to invest in Reckitt’s Essential Home portfolio (“Essential Home”), whereby Advent will acquire a 70% stake to facilitate the company’s accelerated growth and innovation over the years to come as a standalone business. The carve-out of Essential Home will create a dedicated global home care platform with an iconic portfolio of leading brands – including Air Wick, Calgon, Woolite, Cillit Bang and SBP.
The transaction values Essential Home at an enterprise value of up to US$4.8 billion (including up to US$1.3 billion of contingent and deferred consideration). As part of the transaction, Reckitt will continue to support Essential Home by retaining a significant minority interest of 30%. The transaction remains subject to customary closing conditions and regulatory approvals.
Read Advent’s press release
The Kirkland team includes corporate lawyers Adrian Maguire, Vincent Bergin, Dan Clarke, Claire Rushton, Charles Hébert, Douglas Collins, Luke Forryan, James Whybrow, Athena Chuang, Yumiko Wong and Martin Floro; carve-out and separation lawyers André Duminy, Joanna Thomson, Jenni Polson, Samantha Bradley, Saif Khan, Lana Khoury, Julia Ostendorf and Nara Yoo; debt finance lawyers Christopher Shield, Leon Daoud, Thomas Raftery, Aman Nath and Aram Valesyan; and tax lawyers Mavnick Nerwal, Jared Rusman, Siv Devakumar, Sam Trowbridge, Rikesh Gandhi, Natasha Haftke, Bryan Leighton, Joe Morley and Alexandria Solomou.