Revlon said late Wednesday that the closing of the transaction, announced in mid-June and valued at about $870 million, came after Elizabeth Arden’s shareholders approved the deal in a vote earlier in the day. Elizabeth Arden’s common stock ceased trading on the Nasdaq following the market close on Sept. 7.
The combined company will continue to operate with Revlon, Inc. as the parent company, which will continue to be listed on the New York Stock Exchange under the REV ticker symbol.
“The combination of two iconic companies creates a multibrand, global beauty enterprise and tremendous opportunity for long-term growth and value creation,” according to Fabian Garcia, president and chief executive officer of Revlon.
“We expect to benefit from greater scale, an expanded global footprint and a significant presence across all major beauty categories and channels,” he stated. “As a combined organization with net sales of approximately $3 billion, this acquisition will help to further accelerate our growth trajectory, position us among the top beauty players and unlock far greater upside than either company would have realized on a stand-alone basis.”
Revlon noted that the deal creates a global beauty company with a portfolio of top brands such as Revlon, Elizabeth Arden, Revlon ColorSilk, Revlon Professional and American Crew, as well as designer, heritage and celebrity fragrance brands like Juicy Couture, John Varvatos, Wildfox Couture, Curve, Elizabeth Taylor, Britney Spears, Christina Aguilera, Giorgio Beverly Hills and Jennifer Aniston.
“I want to thank Scott Beattie, chairman and CEO of Elizabeth Arden, for his leadership during the transition, and for his role in helping us bring our companies together,” Garcia added.
Garcia will lead the combined company as president and CEO. Beattie is slated to join Revlon’s board of directors as nonexecutive vice chairman and to serve as an adviser to Garcia.
Revlon said the interim organization will have the rest of Elizabeth Arden’s executive leadership reporting directly to Garcia, and the balance of the operating structure will continue largely unchanged for the rest of 2016 to ensure delivery of each business’s operating plans.