CINCINNATI Procter & Gamble signed a binding offer with Sara Lee to acquire its Ambi Pur business for $470 million.
Under the terms of the agreement, P&G will acquire Ambi Pur, a leading global air care brand with presence in 80 countries, as well as several toilet care products with strong presence in Western Europe and Asia.
"The acquisition of Ambi Pur strengthens P&G's global leadership in home care and specifically air care by extending our reach to serve more consumers in more parts of the world more completely," said David Taylor, P&G group president-global home care. "This acquisition brings the strong Ambi Pur brand equity and complementary geographic presence, particularly in Europe and Asia."
The transaction, which is subject to customary closing conditions and regulatory clearances, is anticipated to close in the current fiscal year, which ends on June 30, 2010.