Reckitt Benckiser Group PLC will acquire U.S. baby-food producer Mead Johnson Nutrition Co. for $16.6 billion in cash, the British consumer goods company said in a statement Friday. Reckitt Benckiser will pay $90 a share, compared with a closing price Thursday of $83.96. Including debt, the deal is worth $17.9 billion. The acquisition of Mead Johnson, which makes Enfamil infant formula, will allow Reckitt Benckiser to bolster its consumer health business, said the U.K. company. It will also let Reckitt Benckiser, whose brands include Durex condoms and Lysol cleaning spray, to build its presence in developing markets such as China, it said. The acquisition is expected to be completed in the third quarter, it said.
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