Reckitt Sells Majority of Essential Home Unit to Advent for $4.8 Billion

Reckitt Benckiser Group Plc agreed to sell a majority stake in its Essential Home business to private-equity firm Advent International in a transaction valued at up to $4.8 billion, including debt and performance-linked payments. The portfolio, which generates about 13% of group sales and includes Air Wick air fresheners, Cillit Bang cleaners and Mortein insecticides, will be transferred to a new company in which Reckitt will retain a 30% interest. Proceeds will fund a roughly $2.2 billion special dividend and a share consolidation once the deal closes, which the parties expect by the end of 2025. Chief Executive Officer Kris Licht said keeping a minority stake preserves long-term upside while allowing the consumer-products group to sharpen its focus on higher-growth categories. Reckitt’s shares rose as much as 2.3% in early London trading following the announcement.