Avon Sells Stake in Japan Business to TPG

TPG Capital has acquired a 74.67% stake in Avon Japan from Avon Products (NYSE: AVP) for 7.3 billion yen ($89.9 million), paying 74 yen ($0.91) per share. Jones Day advised Avon Products on the transaction. When Avon announced the deal in early November, TPG was planning to launch a tender offer for the other 25.33% stake at the same price. Avon Japan is still publicly trading on the JASDAQ market of the Osaka Securities Exchange under the code 4915.