Simpson Thacher Leads KKR’s Buy of Wella Shares From Coty

Simpson Thacher & Bartlett represented KKR & Co. affiliates in the private equity firm’s agreement to acquire an additional 9% stake in haircare brand Wella from Coty Inc., the law firm said.

Coty, one of the world’s biggest beauty companies, will redeem about half of KKR’s outstanding convertible preferred shares and accrued dividends as payment in a deal valued at $426.5 million, according to a statement.

After the transaction’s closing, expected in the second quarter of Coty’s fiscal 2022, KKR’s stake in Coty will fall to about 5.2%.

The deal represents a 50% increase in Wella’s value since Coty sold ...