Revlon and Elizabeth Arden signed a definitive agreement under which Revlon will acquire all of the outstanding shares of Elizabeth Arden, representing an enterprise value for Elizabeth Arden of approximately $870 million.
Under the terms of the agreement, Revlon will acquire all of the outstanding shares of Elizabeth Arden for $14.00 per share in cash, which represents a 50% premium over Elizabeth Arden’s closing share price of $9.31 on June 16, 2016.
BofA Merrill Lynch and Citigroup Global Markets have committed approximately $2.6 billion of financing to fund the acquisition and refinance Elizabeth Arden’s existing debt, as well as Revlon’s existing bank term loan and revolving credit facility.
Moelis & Company served as lead financial advisor to Revlon. BofA Merrill Lynch and Citi also served as financial advisors to Revlon. Milbank, Tweed, Hadley & McCloy and Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to Revlon. Centerview Partners served as financial advisor and Weil, Gotshal & Manges served as legal counsel to Elizabeth Arden for the transaction.