German consumer goods company Henkel has agreed to acquire Colgate-Palmolive's entire range of laundry detergents and pre-wash brands in Australia and New Zealand for 220 million euros ($245.43 million).
The brands generated sales of about 110 million euros in the fiscal year 2014, Henkel said in a statement on Tuesday.
The closing of the transaction is subject to regulatory approvals and expected to take place in the third quarter of 2015.
About the author
Research Associate at Center for Islam and Global Affairs (CIGA) at Istanbul Sabahattin Zaim University