Procter & Gamble is selling its SpinBrush battery toothbrush brand to Church & Dwight Co., the maker of Arm & Hammer baking soda, for as much as $100 million.
The deal comes after European antitrust regulators approved P&G’s planned $57 billion purchase of Gillette Co. on condition that it sell off SpinBrush, marketed under the Crest brand, because of overlaps with Gillette’s Oral-B brand, according to news reports. Church & Dwight’s toothpaste brands include Mentadent, Close-up and Pepsodent and Pearl Drops tooth polish.
The deal, which calls for an up front payment of $75 million and possible addition payments of up to $30 million, is expected to close in the fourth quarter.
P&G bought SpinBrush in 2001 from Dr. Johns Products, Ltd for $475 million, reports said.
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