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KKR is nearing a deal to buy E45 maker Karo Healthcare in a buyout that values the healthcare company at more than €2.5bn, said people familiar with the matter.
The US private equity group bested a rival bid from PAI Partners to clinch the company behind branded medicine such as athlete’s foot treatment Lamisil and moisturiser E45, the people said.
The sale would mark a profitable exit for Karo’s owner EQT, which struck a deal to take the business private in 2022 valuing it at about €1.4bn. Stockholm-based Karo paid $268mn in 2021 to buy the E45 moisturiser brand from consumer group Reckitt.
A deal would likely be signed and announced in the coming weeks, provided no last minute issues emerged, the people said, adding the acquisition could still fall apart.
EQT and PAI declined to comment. Karo Healthcare and KKR did not immediately respond to requests for comment.