Coty is cashing out its remaining 25.8% stake in haircare brand Wella for $750 million of immediate cash proceeds and the right to a significant share of ongoing proceeds after KKR's preferred return.WHO: Founded in 1880 by Franz Ströher, Wella is a German haircare company headquartered in Geneva, Switzerland, specializing in the professional haircare sector. The business was controlled by Procter & Gamble from 2003 until Coty acquired the business in 2015, along with some 40 other P&G brands.Founded in Paris in 1904, Coty is one of the world’s largest beauty companies with a portfolio of iconic brands across fragrance, color cosmetics, and skin and bodycare. Coty serves consumers around the world, selling prestige and mass-market products in over 120 countries and territories. Coty has a market capitalization of about $2.8 billion, according to LSEG data.Founded in 1996, KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient, disciplined investment approach, employing world-class talent, and supporting growth in its portfolio companies and communities.WHY: The operation is part of the group’s strategy to deleverage and divest non-core assets. Based on Wella’s strong recent and expected performance, as well as current market valuations, Coty sees strong potential for additional cash proceeds, bringing the total gross proceeds closer to the carrying value of its investment in Wella.