Avon’s Sale of Liz Earle to Walgreens Boots Alliance

On July 9, 2015, Avon Products, Inc. announced that it has divested Liz Earle, its wholly owned, UK‑based natural skincare brand. Walgreens Boots Alliance acquired the Liz Earle business for £140 million in an all‑cash transaction. Cravath represented Avon in connection with this transaction.

The Cravath team was led by partner David Mercado and included associates G.J. Ligelis Jr. and Timothy J. Leung on M&A matters; partner Stephen L. Gordon and foreign associate attorney Timur G. Celik on tax matters; partner Eric W. Hilfers and practice area attorney M. C. Tania Balthazaar on executive compensation and benefits matters; and partner David J. Kappos and associate Nicholas A. Jackson on intellectual property matters.