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Milbank, Weil and Paul Weiss advise on $870m Elizabeth Arden takeover

By Kathryn Higgins

20 June 2016 at 10:45 BST

Cosmetics giant Revlon has agreed to buy skincare and fragrance brand Elizabeth Arden for $870m with advice from two heavyweight law firms.

Olena Yakobchuk

US-based Revlon sought advice from both Milbank, Tweed, Hadley & McCloy and Paul, Weiss, Rifkind, Wharton & Garrison for the bumper acquisition, while takeover target Elizabeth Arden turned to Weil, Gotshal & Manges. With a strong presence in the anti-ageing luxury skincare and fragrance markets, the acquisition of Elizabeth Arden is designed to expand Revlon’s market presence further beyond its hair colour and colour cosmetic mainstays while also consolidating both brands’ presence in emerging cosmetics markets, such as the Asia-Pacific region. Priced at $870m with $419m in equity and the remainder in debt, the deal is expected to generate $140m in savings by removing overlap, integrating manufacturing and distribution networks, and giving the united brands greater purchasing power in the face of tough rivals like New York-based Estée Lauder and Paris-based L’Oréal. It is anticipated that the takeover will go through by December this year.

Sources: Asian Legal Business; The Guardian


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