Revlon completes Elizabeth Arden purchase
Revlon said on Wednesday it has successfully completed its acquisition of Elizabeth Arden. On June 16, the New York-based Revlon agreed to acquire Elizabeth Arden for $14.00 per share, or approximately $870 million.
The deal -- which comes less than six months after Revlon's major shareholder, Ron Perelman, said he would seek strategic alternatives for Revlon -- will help the companies better compete with deep-pocketed rivals such Estee Lauder and L'Oreal.
The closing of the transaction follows the approval by Elizabeth Arden’s stockholders in a vote held earlier today, said Revlon in a statement.
Revlon will continue to be led by Fabian Garcia as president and chief executive officer. Elizabeth Arden chief executive, Scott Beattie is expected to join the Revlon board as non-executive vice vhairman, and as an advisor to Garcia, said Revlon.
The transaction sees Revlon add to its burgeoning beauty and grooming portfolio. The full list now includes Revlon, Elizabeth Arden, Revlon ColorSilk, Revlon Professional, and American Crew.
Celebrity fragrances on the firm's roster include Juicy Couture, John Varvatos, Wildfox Couture, Curve, Elizabeth Taylor, Britney Spears,Christina Aguilera, Giorgio Beverly Hills and Jennifer Aniston.
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