Linklaters, Davis Polk & Wardwell and Baker McKenzie led as L’Oréal looked to sell The Body Shop for €1bn to Brazilian cosmetic company Natura.
Natura was in exclusive negotiations with L’Oréal, which put The Body Shop up for sale in February after buying the business in 2006 for £652m.
The world’s largest cosmetics company announced the decision following a 38% fall in The Body Shop’s operating profits, from €55m in 2015 to €34m at year end 2016. The deal is expected to close later this year.
London and Paris-based Linklaters corporate partner Vincent Ponsonnaille led the Linklaters team advising L’Oréal, alongside London banking partner Alexander Naidenov and Paris corporate partner Laurent Victor-Michel. The company also instructed Bakers with a team led by London funds partner James Burdett.
Natura turned to Davis Polk for advice, with a team led by Jacques Naquet-Radiguet.
Linklaters previously acted on L’Oréal’s original purchase of The Body Shop, led by London corporate partner Richard Godden. Bakers advised The Body Shop then.
The Magic Circle firm also advised L’Oréal on its 2014 buyout of Chinese cosmetic mask manufacturer Magic Holdings International for around $845m, led by Paris corporate partner Bruno Derieux.
madeleine.farman@legalease.co.uk