GSK seeks buyers for Lucozade and Ribena brands — report

UK drugmaker GlaxoSmithKline Plc (LON:GSK) has hired JPMorgan Chase & Co (NYSE:JPM) and Greenhill & Co Inc (NYSE:GHL) to help it offload nutritional drink brands Lucozade and Ribena, a spokesperson told Reuters today.

According to the representative, many lenders had shown interest in being GSK consultants on the sale.

Last month, GSK said it had decided to dispose of the specific brands in a drive to reshape its business, improve strategic focus and bolster its growth profile.

Reuters added that Japanese diversified company Suntory Holdings Ltd and buyout firms The Blackstone Group LP (NYSE:BX), BC Partners Ltd, PAI Partners, Lion Capital LLP, Bain Capital LLC, CVC Capital Partners Ltd and KKR & Co LP (NYSE:KKR) are all said to be interested in the two operations.

According to Deutsche Bank AG (ETR:DBK) analysts, the sale should fetch over GBP1.5bn (USD2.3bn/EUR1.8bn), the news agency said.