Brazil's Natura in exclusive talks with Aurelius for The Body Sody sale (updated)
30/10/2023 11:44
(Adds details, background in paragraphs 2-6)
SAO PAULO, Oct 30 (Reuters) - Brazilian cosmetic maker
Natura NTCO3.SA said on Monday it has agreed to enter into
exclusive talks with private investor Aurelius Group for a
potential sale of its subsidiary The Body Shop.
Natura announced in August that its board of directors had
authorized it to search for "strategic alternatives" for The
Body Shop, including a potential sale of the business, six years
after buying it from L'Oreal OREP.PA .
The move came after the Brazilian company earlier this
year also sold its luxury brand
Aesop
to L'Oreal at an enterprise value of $2.53 billion, part of
a broader organizational shakeup that also saw a
CEO swap
last year.
"The terms and conditions of the potential sale are
under negotiation and there is no assurance the transaction will
be completed," Natura said in a securities filing about the
talks with Aurelius.
Reuters
reported on Sunday
, citing a source, that Aurelius was in talks to buy the
beauty products chain from Natura.
If completed, the deal is expected to value The Body
Shop at a lower price than the 400 million pounds-500 million
pounds ($485.20 million-$606.50 million) suggested in some media
reports, according to that source.
(Reporting by Gabriel Araujo; Editing by Steven Grattan)
((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))