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Avon To Sell Stake in Japanese Subsidiary

TPG Capital gets controlling interest for about $90 million.

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By: TOM BRANNA

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Avon Products Inc. plans to sell its 74.7% stake in its Japanese subsidiary to an affiliate of TPG Capital for 7.3 billion yen, or $89.9 million at current exchange. The transaction is expected to close in the fourth quarter. As part of the deal, TPG Capital will launch a tender offer in Japan for all outstanding shares of Avon Japan, which is publicly traded on the Osaka Securities Exchange, at the mutually agreed upon price of 74 yen, or 91 cents, per share. Avon said it wants to ...

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