Company: PRGO
Filing Date: 2025-07-14
Form Type: 8-K
Source: 0001193125-25-158493
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Company: PERRIGO Co plc
Filing Date: 2025-07-14
Form: 8-K
Item: Item 1.01
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ITEM 1.01.      Entry into a Material Definitive Agreement  

On July 13, 2025, Perrigo Company plc (the “ Company”) entered into a Master Sale and Purchase Agreement (the “ Agreement”) with Kairos Bidco AB (“ Kairos”), an investment vehicle managed by an affiliate of KKR & Co., Inc. (“ KKR”), pursuant to which, and subject to the terms and conditions set forth therein, the Company agreed to sell and Kairos agreed to acquire (1) all of the shares in Aco Hud Nordic AB, a Swedish private corporation ( aktiebolag) (the “ Target”) and (2) various assets relating to the manufacture, packaging, sale and distribution of certain cosmetic products, medicinal products and medical devices related to the Company’s Dermacosmetics branded business in Northern Europe, the Netherlands and Poland (together with the Target, the “ Dermacosmetics Business” and such sale, the “ Transaction”).

The Transaction is expected to close in the first quarter of 2026, 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-closingrestructuring 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.

At the closing of the Transaction, Kairos will make a cash payment to the Company of €300 million, subject to customary adjustments for inventory, working capital, debt and cash. After the closing of the Transaction, the Company will provide certain transition services to Kairos in exchange for a service fee. In addition, the Company is entitled to additional contingent cash consideration of up to €27 million upon achievement of certain performance thresholds by the Dermacosmetics Business over a three-year period.

The Agreement contains customary representations, warranties and covenants by each party that are subject, in some cases, to specified exceptions and qualifications. The covenants relate to, among other things, the Company’s agreement or obligation to: (1) operate the Dermacosmetics Business in all material respects in the ordinary course between the signing of the Agreement and the closing of the Transaction, (2) refrain from taking certain types of actions without Kairos’s prior written consent, (3) adhere to certain obligations in preparation of the transfer of certain employees, (4) continue investing in the marketing of the Dermacosmetics Business,