Reckitt Sells Homecare Brands to Advent in $4.8 Billion Deal (4)

Reckitt Benckiser Group Plc agreed to sell most of its homecare business to private equity firm Advent International for an enterprise value of up to $4.8 billion as the UK consumer goods company focuses on faster-growing operations.

Reckitt said it will retain a 30% stake in the business, whose brands include Air Wick air fresheners and Cillit Bang cleaners. The enterprise value includes up to about $1.3 billion of contingent and deferred consideration, the company said Friday.

Shares of Reckitt rose as much as 2.3% in early London trading before paring back some of the gains. The stock is up ...