2016-03-08 11:35:01
Avon's North America Separation Now Complete
2016-03-08 11:35:01
The separation of Avon's North America business into a privately-held company that is majority-owned and managed by an affiliate of Cerberus is now complete. The North American business will operate under the name New Avon LLC. Avon Products, Inc., comprised of the remaining international markets, continues to trade on the New York Stock Exchange under the ticker AVP.
Under the terms of the transaction, an affiliate of Cerberus invested $435 million in Avon in exchange for Avon convertible perpetual preferred stock. Assuming the conversion of the preferred stock to common stock at the conversion price of $5.00 per share, this equates to an ownership interest of approximately 16.6% as of March 1, 2016. In addition, Avon's North America business has been separated into a privately-held entity, in which an affiliate of Cerberus has invested $170 million for an approximate 80% ownership interest. Avon maintains an approximate 20% interest in New Avon LLC.
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