Avon Products, Inc. announced that it has divested Liz Earle, its wholly owned, UK-based natural skincare brand. Walgreens Boots Alliance acquired the Liz Earle business for £140 million in an all-cash transaction. Cravath represented Avon in connection with this transaction.

The Cravath team was led by partner David Mercado and included associates G.J. Ligelis Jr. and Timothy J. Leung on M&A matters; partner Stephen L. Gordon and foreign associate attorney Timur G. Celik on tax matters; partner Eric W. Hilfers and practice area attorney M. C. Tania Balthazaar on executive compensation and benefits matters; and partner David J. Kappos and associate Nicholas A. Jackson on intellectual property matters.