LIP balm brand ChapStick was sold for over US$500m (A$776m).
British owner Haleon said it has agreed to sell ChapStick to Suave Brands Company, owned by private equity firm Yellow Wood Partners, for around US$430m (A$654m) in cash and a stake valued at around US$80m (A$121m) in the buyer, reported Beauty Directory.
With the deal to close later this year, Haleon Chief Executive Officer Brian McNamara said, "selling the brand allows us to simplify our business and pay down debt more quickly".
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