- Hygiene and health company Essity (OTCPK:ESSYY) acquires 80% of the Canadian company Knix Wear, a leading provider of leakproof apparel for periods and incontinence.
- The purchase price amounts to $320M (~SEK 3.3B) on a cash and debt free basis for 80% of the company.
- Pursuant to the deal, Essity will become the global market leader within leakproof apparel, the fastest growing product segment in Intimate Hygiene which includes Feminine Care and Incontinence Products.
- Essity is already active in the leakproof apparel market within Feminine Care with brands such as Libresse, Bodyform, Saba and TOM Organic, and within Incontinence Products with the TENA brand.
- Essity acquires 80% of the shares in Knix. Joanna Griffiths will hold the remaining 20% share and will stay on as President of Knix.
- The total enterprise value of Knix amounts to $400M (~SEK 4.1B).
- The deal is expected to be finalized in the second half of 2022.
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