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Allen & Overy advises Haleon plc on divestiture of Lamisil

A&O has advised Haleon plc on the divestiture of its Lamisil brand across 70+ jurisdictions to Karo Healthcare AB for an aggregate consideration of GBP 235m.

The total cash realised in connection with the disposal is expected to be around GBP 250m, inclusive of an additional c.15m expected to be realised from the release of working capital allocated to Lamisil.

Haleon was created as part of the demerger of GSK’s and Pfizer’s merged consumer healthcare business in 2022. Karo Healthcare AB is a consumer healthcare company headquartered in Stockholm, Sweden and is owned by the private equity fund EQT VIII.

This is the latest step in A&O’s working relationship with Haleon, having worked for the business when it was under GSK’s ownership.

The divestment is expected to close in Q4 2023, subject to various pre-completion undertakings and is in line with Haleon’s strategy of proactively managing the portfolio.

The A&O team is led by partner Claire Coppel and associates Will Johnson, Alex Davis-White, Juliette Aliker and Isabelle Graves, together with members of the wider relationship team including partners Matthew Appleton and Nigel Parker and Peerpoint Consultant Stuart Grey.