TPG buys Avon Japan for $90 million

Avon sells a controlling stake in its Japanese subsidiary to financial sponsor TPG Capital for $90 million as it struggles to make money in Japan.

Avon Products is selling its entire controlling stake in its Japanese business to an affiliate of private equity firm TPG Capital for 7.3 billion $90 million.

Avon owns 74.67% of its Japan subsidiary with the rest of the shares owned by minority shareholders. Avon Japan is the only subsidiary of Avon Products which is publicly traded. Following the deal with Avon, TPG will launch a tender offer to Avon Japan's minority shareholders at 74 per share -- the same price TPG is paying Avon.

Avon Products earns over $10 billion in annual revenue and is the world's largest direct seller. It operates in more than 100 countries through approximately 6.2 million independent...

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