SAO PAULO, March 30 (Reuters) – Brazilian cosmetics maker Natura said on Monday that U.S. private equity firm Advent has signed a binding agreement to buy a stake in the company, while also announcing a board reshuffle that includes the departure of its founders. * Advent International will buy between 8% and 10% ofNatura for […]
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Brazil’s Natura announces stake purchase by Advent as founders exit board
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SAO PAULO, March 30 (Reuters) – Brazilian cosmetics maker Natura said on Monday that U.S. private equity firm Advent has signed a binding agreement to buy a stake in the company, while also announcing a board reshuffle that includes the departure of its founders.
* Advent International will buy between 8% and 10% ofNatura for an average price target of 9.75 reais ($1.86) pershare, Natura said in a securities filing. * The deal will be carried out in the secondary marketover a six-month period. * Advent will be entitled to appoint two members toNatura’s board of directors.
BOARD SHAKE-UP
* Natura also announced changes to its board of directors,with founders Luiz Seabra, Guilherme Leal and Pedro Passosstepping down. * Chairman and former Chief Executive Fabio Barbosa willalso leave his seat. * Natura has proposed to shareholders that the four form anew advisory board, with no decision-making powers. * Under the proposal, Alessandro Carlucci would becomechairman.
($1 = 5.2520 reais)
(Reporting by Andre Romani; Editing by Gabriel Araujo)