COTY SHARE BUYBACK: Coty Inc. has agreed to purchase 27.9 million shares of Class B common stock owned by Berkshire Partners and Rhone at a price of $17.78 per share. The total consideration to be paid for the stock purchase will be $468 million.
Coty said the purchase is part of the firm’s share repurchase strategy.
Patrice de Talhouet, Coty’s chief financial officer, said, “This repurchase of shares is in addition to our recently announced $200 million incremental share repurchase program authorized by our board, and demonstrates our ongoing confidence in Coty’s strategy to generate long-term profitable growth and strong cash flow.”
As a result of the transaction, Berkshire’s Brad Bloom and Rhone’s Steve Langham will resign their positions on the Coty board, which then will comprise of eight members.