TPG to buy out Avon Japan
TPG Capital will acquire 74.67% of Avon Japan for JPY7.3 billion ($90 million) in cash from Avon Products Inc, the NYSE-listed cosmetic direct sales empire originally founded in 1886 as the California Perfume Company.
The acquisition price includes fees for certain intellectual property licenses of the company. As part of the transaction, TPG Capital is launching a tender offer in Japan for all the remaining outstanding shares of Avon Japan at JPY74 ($0.9) a share. Avon Japan is publicly listed on the JASDAQ board of the Osaka Stock Exchange.
Avon said that the transaction would have no material impact on its financial statements, as Avon Japan represents less than 2% of its total company sales. As part of the transaction, TPG has been granted rights to Avon’s local Japan formulas and products, and certain others for use in Japan and, subject to certain restrictions, for use outside the country. Avon also has agreed to transfer to TPG Capital ownership of certain local Japan and other trademarks. In addition, for a period of time, TPG Capital will have rights to use the “Avon” name in Japan, the announcement noted.
Further reading
More on Buyouts
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.