Deal Watch: Skadden Snags Big Beauty Deal as Conflict Claims Resurface Against Retired Partner
It was another big deal week for Skadden, Arps, Slate, Meagher & Flom, which took the lead on a $12.5 billion buy for beauty products behemoth Coty, as an insider trading case involving a 6-year-old transaction by the firm forced a partner to take early retirement.
July 09, 2015 at 01:11 PM
5 minute read
A week after Skadden, Arps, Slate, Meagher & Flom topped M&A league tables for the first half of 2015 compiled by Bloomberg and Thomson Reuters, the firm maintained its top spot—in terms of deal value—on rankings released Thursday by Mergermarket.
Skadden's torrid deal pace continued this week, as the firm took the lead for New York-based beauty behemoth Coty Inc. in merging the hair color, cosmetics and fine fragrance businesses of Cincinnati-based The Procter & Gamble Co. into Coty through a tax-avoiding Reverse Morris Trust transaction. The deal, announced Thursday and expected to close in the second half of 2016, values P&G's beauty business at $12.5 billion.
McDermott Will & Emery is advising Coty on tax and U.S. antitrust matters, with Freshfields Bruckhaus Deringer serving as non-U.S. antitrust counsel. Davis Polk & Wardwell is representing Barclays Capital and Morgan Stanley as financial advisers to Coty. On the other side of the transaction, Jones Day is counseling P&G, with Cadwalader, Wickersham & Taft handling tax matters. As for Skadden, the firm saw some old deal work reemerge this week.
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