Nestlé conducts exclusive negotiations with a group of investors led by EQT and the Abu Dhabi Investment Authority (ADIA) on the sale of its skin care division for just over 9 billion euros. The company confirmed the information on Thursday.

That price would mean that it is one of the largest deals in Europe this year. Directors of the Swiss company have repeatedly stated that the skin care branch is not really part of Nestlé’s core business. In addition to care products, Nestlé also produces food.

The transaction will still have to be approved by, among others, regulators and is expected to be completed in the second half of the year. Nestlé Skin Health employs around 5000 people in 40 countries. Various parties, including the Amsterdam-listed Unilever, were reportedly also interested in the division.

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