Avon To Sell Japan Unit To TPG

Avon Products, Inc. announced that it has agreed to tender its 74.67% share in its Avon Japan business to an affiliate of TPG Capital, a global private equity firm. Under the terms of agreement, TPG will make a cash payment of 7.3 billion yen ($90 million) for Avon's stake and for pre-paid royalties. As part of the transaction, TPG is launching a tender offer in Japan for all outstanding shares of Avon Japan at 74 yen per share. Avon Japan is the only subsidiary in Avon's geographic portfolio that is publicly traded. Avon will focus its business and investment on higher growth opportunity locations like China.