Coty has announced that the sale of its Professional and Retail Hair business – including the Wella, Clairol, OPI and ghd brands (grouped together as ‘Wella’) – to KKR is expected to complete by 30 November.

The deal was original announced back in May as part of Coty’s drive to cut debt and simplify its structure.

The two companies said at the end of last week that they have now entered into amended and restated transaction agreements which remain substantially the same as the original agreements, with the primary adjustment being the removal of certain completion conditions and the sale and transfer of certain entities to Wella post-completion.

The sale will see KKR own 60% of the standalone Wella entity, while Coty retains the remaining 40%. Upon closing of the deal, Coty will receive proceeds of $2.5bn which will help strengthen its capital structure.

Last week, shares in Coty jumped more than 20% after it posted a surprise quarterly profit growth as demand for its products continued recovering from lockdown lows and it kept a tight lid on costs.