Walgreens acquires Avon brand for $216M

Walgreens Boots Alliance has acquired U.K.-based cosmetics brand Liz Earle from Avon Products for $215.7 million in cash. Avon plans to use the proceeds from the sale in its planned redemption of $250 million, due in March 2016, 247WallStreet reported. This is a significant step being taken by the struggling brand in order to get finances back on track.

"This transaction allows Avon to realize immediate benefits while continuing to strengthen our balance sheet. Liz Earle is the perfect fit for Walgreens Boots Alliance where it already has a strong presence in its retail stores," Sheri McCoy, Avon's CEO, told 247WallStreet.

Avon put itself up for sale in May, but thus far, there are no potential buyers.

For more:
See this 247WallStreet story

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