Pfizer Inc To Divest Nutrition Business To Nestle SA

Pfizer Inc announced that it has entered into an agreement to divest its Nutrition business to Nestle SA for $11.85 billion in cash. Pfizer Nutrition is a global pediatric nutrition company with a portfolio of brands encompassing everyday and specialty infant and toddler formulas, follow-on formulas, as well as maternal and adult nutrition products. . Pfizer expects the divestiture of the Nutrition business will be completed by the first half of 2013, assuming the receipt of the required regulatory clearances and satisfaction of other closing conditions. Upon completion of the transaction, all Pfizer colleagues currently dedicated to the Nutrition business will be transferred to Nestlé, subject to works council and union consultation where required. Pfizer’s financial advisors for the transaction were Morgan Stanley & Co. LLC and Centerview Advisors LLC.