Household goods giant Reckitt Benckiser has agreed a deal worth up to $4.8bn (£3.6bn) to sell its majority stake in its Cillit Bang and Calgon arm.
Private equity firm Advent International will buy a 70% stake in Reckitt’s essential home cleaning products business, which also includes brands such as Air Wick, Woolite, Resolve, Sole and Easy-Off, as well as around 75 other brands across more than 70 markets.
Reckitt will keep a 30% stake in the essential home business after the sale, with up to $1.3bn dollars (£968m) deferred under the deal.
The firm will also book around $800m (£596m) in costs for splitting out the essential home division from the rest of the business.
It expects to complete the deal by the end of the year.