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Brazil's Hypermarcas receives $175 million balance on condom unit sale
October 4, 2016 / 11:33 PM / a year ago

Brazil's Hypermarcas receives $175 million balance on condom unit sale

SAO PAULO (Reuters) - Hypermarcas SA (HYPE3.SA), Brazil’s largest maker of generic drugs, on Tuesday received 570.8 million reais ($175.32 million) from Reckitt Benckiser PLC (RB.L), the final payment from the sale of its condom division, according to a securities filing.

In total, the updated value of the deal is 705.8 million reais, the filing added. When the company announced the deal in January, it stated the sale price was 675 million reais.

The disposal of its condom division followed the sale of Hypermarca’s cosmetics unit to France’s Coty (COTY.N) for 3.8 billion reais in November.

Proceeds from both sales should help the company to reduce debt, Hypermarcas said.

Brazil’s antitrust watchdog approved the transaction with Reckitt on Sept. 14 on condition that the buyer sells K-Y, a lubricant brand that was also part of the deal.

Reporting by Ana Mano; Editing by Cynthia Osterman

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