Avon’s All‑Share Acquisition by Natura, Creating $11 Billion Beauty Group

On May 22, 2019, Avon Products, Inc. (“Avon”) and Natura Cosméticos S.A. (“Natura”) announced that Natura is acquiring Avon in an all‑share transaction, creating the fourth‑largest pure‑play beauty group in the world with an enterprise value of $11 billion. Cravath is representing Avon in connection with the transaction.

The Cravath team is led by partner Ting S. Chen and includes associates Matthew M. Kelly, Sarah R. Jacobson, Catriela Cohen, Shaylyn Harper and Ari B. Ruffer on M&A matters; partner Eric W. Hilfers, senior attorney M. C. Tania Balthazaar and associate Christopher C. Gonnella on executive compensation and benefits matters; partner David J. Kappos and associates Miling Y. Harrington and Somi A. Umolu on intellectual property matters; partner J. Leonard Teti II and associates Kiran Sheffrin and Andrew L. Mandelbaum on tax matters; partner Matthew Morreale on environmental matters; senior attorney Jesse M. Weiss on antitrust matters; and practice area attorney Brian M. Budnick on real estate matters. Dixing Tang also worked on executive compensation and benefits matters.