Freshfields Bruckhaus Deringer and Baker McKenzie are among the raft of firms advising on a Spanish fragrance and fashion company's acquisition of a majority stake in British skincare and makeup company Charlotte Tilbury.

Barcelona-based fashion and fragrance company Puig has acquired a majority stake in British luxury makeup and skincare brand Charlotte Tilbury. Merchant bank BDT CapitalPartners is investing alongside Puig, taking a minority interest.

The value of the deal has not been disclosed. Some media reports have said it values the company at about $1 billion (£790 million).

Freshfields' corporate and M&A partners Piers Pritchard Jones and Alison Smith led the team advising the sellers, the firm confirmed on Friday.

Withers Worldiwide corporate consultant Hugh Devlin and partner Sharon Whitehouse acted as personal lawyer to Charlotte Tilbury, according to the firm.

Pinsent Masons global head of the transactions services group, Andrew Masraf, acted as personal adviser for Charlotte Tilbury's CEO Demetra Pinsent, the firm confirmed on Friday.

Baker McKenzie advised Puig. The London-based Baker McKenzie team was led by corporate partner David Scott and private equity partner Alex Lewis. He was assisted by London intellectual property partner Michelle Blunt, employment partner Stephen Ratcliffe, and tax partner Alistair Craig, as well as Barcelona-based partners Jorge Adell, Carles Prat, and Valeria Enrich.

Meanwhile, Davis Polk & Wardwell corporate partner Will Pearce advised BDT Capital Partners on its minority stake acquisition, according to a person close to the matter.

The transaction stands out as M&A deals have been sparse since the start of the lockdown. Nonetheless, activity has started picking up at least in Europe. On Thursday, Clifford Chance took the lead on two multi-billion-euro mandates in France.

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