Avon Products, Inc. announced that its shareholders approved the proposed acquisition of Avon by Natura &Co Holding S.A., a new holding company for Natura Cosméticos S.A.

More than 75 percent of Avon’s shares outstanding, on an as-converted basis, were voted in favor of the proposal to adopt the merger agreement.

“We are pleased that our shareholders have strongly supported Avon’s combination with Natura, and the move to start an exciting new chapter for Avon as part of the world’s fourth largest pure-play beauty company,” said Jan Zijderveld, CEO of Avon. “We will continue to work together with Natura to gain the remaining approvals required to close the transaction, while also independently executing our Open Up turnaround strategy, driving pricing and productivity improvements across our business, and restoring the relevance of our brand.”

Under the merger agreement, based upon a fixed exchange ratio of, at the election of each holder, 0.300 Natura &Co American Depositary Shares or 0.600 Natura &Co shares for each share of Avon common stock, Natura Cosméticos’ shareholders will own approximately 76 percent of the combined company, while Avon common shareholders will own approximately 24 percent.

The closing of the transaction is anticipated to occur in early 2020, subject to the satisfaction of customary closing conditions and regulatory approvals.

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