Karo Healthcare AB entered into a Master Sale and Purchase Agreement to acquire Aco Hud Nordic AB and Assets related to Dermacosmetics Business of Perrigo Company plc, Perrigo Pharma Holding Nederland BV, and Perrigo Holding NV for approximately ?330 million on July 13, 2025. Under the terms of the transaction, KKR & Co. Inc will pay ?210 million for the shares of Aco Hud Nordic AB and ?90 million for the assets to be acquired, subject to customary adjustments for inventory, working capital, debt and cash. Additionally, KKR & Co. Inc. will pay an earnout payment of up to ?27 million cash in relation to the financial performance of the ACO Brand and the Biodermal Brand in the financial years 2025, 2026, and 2027. In case of termination of transaction, KKR & Co. Inc. will pay a termination fee of ?15 million.

For the period ending December 31, 2024, Aco Hud Nordic AB and the Assets related to Dermacosmetics Business of Perrigo Company plc reported total revenue of ?125 million.

The transaction is subject to the satisfaction or waiver of customary closing conditions, including, among others: (1) receipt of regulatory approvals in certain jurisdictions, (2) consummation of pre-closing restructuring transactions with respect to the Target, (3) completion of works council consultation procedures in certain countries and (4) the closing of KKR?s previously announced proposed acquisition of Karo Healthcare. The expected completion of the transaction is in the first quarter of 2026. Expected net proceeds from the transaction would be directed towards previously announced capital allocation priorities, including further strengthening the Perrigo Company?s balance sheet and supporting long-term value creation. As of March 6, 2026, The Norwegian Competition Authority has approved the acquisition with remedies.

Latham & Watkins LLP acted as legal advisor for Perrigo Company. Alvaro Membrillera, Anna Van de moortel, Ian Barratt, Natasha Smith, and Brett Ackerman of Kirkland & Ellis International LLP and Kirkland & Ellis LLP acted as legal advisor to Karo Healthcare AB. Greenhill & Co., Inc. acted as financial advisor for Perrigo Company. Morgan Stanley & Co. International Plc acted as financial advisor, Simpson Thacher & Bartlett LLP and White & Case Advokat AB acted as legal counsel to Karo Healthcare AB. Pwc Strategy& (Sweden) Ab advised on financial due diligence, and Alvarez & Marsal acts as support in the integration.