De Brauw assists Primavera Capital Group ("Primavera") in the acquisition of the infant formula and child nutrition business of Mead Johnson Nutrition Company ("Mead Johnson") in China from Reckitt Benckiser Group plc ("Reckitt") for an implied enterprise value of USD 2.2 billion. Reckitt will retain an 8% shareholding.
Primavera and Reckitt have signed a definitive agreement to acquire Mead Johnson's Greater China infant formula and child nutrition business, including a manufacturing plant in Nijmegen, the Netherlands. Mead Johnson is a global leading infant formula and nutrition company. This acquisition is another milestone for Primavera in the consumer industry. Going forward, Primavera will fully support Mead Johnson's growth, through innovation, operational improvement, channel optimization, and digital transformation, to further enhance its positioning and growth prospects in China's infant nutrition market.
Completion is, amongst other things, subject to works council consultation in the Netherlands. Subject to completing the works council consultation and the satisfaction of customary closing conditions, completion is expected in the second half of 2021.