CADE, Brazil’s anti-trust authority, has approved without restrictions the acquisition by Natura &Co of Avon Products, Inc.
Approval by Brazil’s competition authorities is one of the key steps towards the completion of the transaction, which remains subject to the fulfillment of other conditions precedent, including antitrust approval in other applicable jurisdictions.
Announced on May 22, 2019, the transaction will create the world’s fourth-largest pure play beauty company and is a major step in the creation by Natura &Co of a multi-brand, multi-channel, purpose-driven beauty group, which also includes Natura, The Body Shop and Aesop.
“We are very pleased to have received approval without restrictions from Brazil’s competition authority,” said Roberto Marques, executive chairman of Natura &Co. “The process is advancing according to our expectations, and we continue to expect a closing of the transaction by the first quarter of 2020.”
The decision, to be published in Brazil’s Official Gazette, is subject to the expiration of a 15-day legal deadline to be final.