Reckitt Benckiser

We advised Reckitt Benckiser Group on the sale of its Infant Formula and Child Nutrition Business in China to Primavera Capital Group, a China-based private equity company, for over $2 billion.

The sale marked another step in Reckitt’s long-term growth strategy.

The transaction was structured as a sale of the entirety of Reckitt’s IFCN business in China, including its manufacturing plants in Nijmegen, the Netherlands, and Guangzhou, China. Reckitt retained a 8% shareholding in the business.

Reckitt’s CEO has described the sale as a major step forwardin Reckitt’s strategy to rejuvenate sustainable growth.

Intricate IP and commercial arrangements


  • A perpetual exclusive licence in China for the Mead Johnson and Enfa family of brands, while protecting their value for Reckitt in the rest of the world; a complex solution that relied on our institutional knowledge and developed expertise; and
  • Bespoke commercial contracts.

How did we add value?


1. Expert guidance

Expert guidance through a complex and evolving regulatory landscape in China in the infant nutrition sector

2. Bespoke deal structure

Bespoke deal structure across multiple jurisdictions, including arrangements for Reckitt’s retained minority shareholding

3. Confident management

Confident management of a broad auction with a tight timetable

4. Seamless global support

Seamless global support spanning China, Hong Kong, Singapore, Netherlands and the US

Auction process


Simultaneous engagement with multiple bidders
Maintained competitive tension in a tight timeframe

deal value


in excess of $2 billion


pensions and employment


Extensive employee transfer and global consultation obligations