Primavera Capital Group ("Primavera") today announces that it has signed a 
definitive agreement with Reckitt Benckiser Group plc ("Reckitt"), a world's 
leading consumer health, nutrition, and hygiene company, to acquire the Greater 
China business of the Mead Johnson Nutrition Company ("Mead Johnson", the 
"Company"), a global leading infant formula and nutrition company owned by 
Reckitt. Following the transaction, Primavera will have a royalty-free 
perpetual and exclusive license of the Mead Johnson brand in Greater China. 

This acquisition is another milestone for Primavera in the consumer industry. 
Going forward, Primavera will fully support Mead Johnson's growth in China, 
through innovation, operational improvement, channel optimization, and digital 
transformation, to further enhance its positioning and growth prospects in 
China's large infant nutrition market.

Mead Johnson was founded in 1905 in Illinois, USA by Edward Mead Johnson. It is 
a world-renowned premium infant milk formula brand. In 2009, the Company 
successfully listed on the New York Stock Exchange, and in 2017 was acquired by 
Reckitt . Following Primavera's acquisition, the infant formula and child 
nutrition business in Greater China will benefit from Reckitt's supply 
resources and ongoing collaboration on global R&D innovation. The transaction 
is subject to customary works council consultation and regulatory approvals.

Dr. Fred Hu, founder and chairman of Primavera Capital Group, commented:

"We are pleased to acquire the Greater China business of Mead Johnson, a 
long-established and renowned multinational infant and children nutrition 
brand. As the controlling shareholder, Primavera is committed to serve tens of 
millions of Chinese mothers and babies and safeguard their wellbeing.  We look 
forward to collaborating with Reckitt management, and to continuing to provide 
customers the highest-quality nutritional products through world-class 
scientific innovation and R&D capabilities, as well as the strictest safety and 
quality control."

Reckitt's CEO Laxman Narasimhan said, "After a thorough review of our infant 
formula and nutrition business in China, we have found an excellent home for 
the business under the ownership of Primavera.  As a result of this 
transaction, Reckitt's Nutrition business going forward will have a better and 
more consistent growth and margin profile."  

At present, China's RMB150 billion infant milk formula market is the largest in 
the world, where consumers increasingly demand science and quality. Mead 
Johnson entered China in 1993 and has developed a broad and deep product 
portfolio with core brands such as Enfinitas enjoying high brand awareness.

HSBC acted as financial advisor to Primavera on the transaction.

SOURCE: Primavera Capital Group