Henkel to buy Colgate's laundry brands

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.