Pfizer (PFE) Will Sell Nutrition Business to Nestle in $11.85B Cash Deal
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Pfizer (NYSE: PFE) has entered into an agreement to divest its Nutrition business to Nestlé for $11.85 billion in cash.
Pfizer will update its 2012 financial guidance to reflect its decision to divest the Nutrition business to Nestlé when it reports its first-quarter 2012 financial results on May 1, 2012. Pfizer expects that all revenues and expenses related to the Nutrition business will be presented as Discontinued operations - net of tax, beginning with the second-quarter of 2012, on a retroactive basis for all periods presented.
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in certain jurisdictions. Pfizer expects the divestiture of the Nutrition business will be completed by the first half of 2013, assuming the receipt of the required regulatory clearances and satisfaction of other closing conditions. Upon completion of the transaction, all Pfizer colleagues currently dedicated to the Nutrition business will be transferred to Nestlé, subject to works council and union consultation where required.
Pfizer’s financial advisors for the transaction were Morgan Stanley & Co. LLC and Centerview Advisors LLC. Pfizer Legal Alliance (PLA) firms Skadden, Arps, Slate, Meagher & Flom LLP, Clifford Chance LLP and DLA Piper LLP acted as legal counsel for Pfizer. The PLA is a collaborative partnership between Pfizer and 19 law firms.
Pfizer will update its 2012 financial guidance to reflect its decision to divest the Nutrition business to Nestlé when it reports its first-quarter 2012 financial results on May 1, 2012. Pfizer expects that all revenues and expenses related to the Nutrition business will be presented as Discontinued operations - net of tax, beginning with the second-quarter of 2012, on a retroactive basis for all periods presented.
The transaction is subject to customary closing conditions, including the receipt of regulatory approvals in certain jurisdictions. Pfizer expects the divestiture of the Nutrition business will be completed by the first half of 2013, assuming the receipt of the required regulatory clearances and satisfaction of other closing conditions. Upon completion of the transaction, all Pfizer colleagues currently dedicated to the Nutrition business will be transferred to Nestlé, subject to works council and union consultation where required.
Pfizer’s financial advisors for the transaction were Morgan Stanley & Co. LLC and Centerview Advisors LLC. Pfizer Legal Alliance (PLA) firms Skadden, Arps, Slate, Meagher & Flom LLP, Clifford Chance LLP and DLA Piper LLP acted as legal counsel for Pfizer. The PLA is a collaborative partnership between Pfizer and 19 law firms.
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