Allen & Overy advises Haleon plc on its sale of ChapStick
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Under the terms of the transaction, Haleon will receive pre-tax cash proceeds of approximately USD 430 million, as well as a passive minority interest in the Suave Brands Company. At the time of entering into the binding agreement, this interest was valued at approximately USD 80 million.
ChapStick, the lip expert, makes it a priority to help people care for their lips all year round. Originally created in the early 1880s, ChapStick is known today as America's favourite lip balm. ChapStick generated GBP 112 million in revenue for the FY ended 31 December 2023.
The sale, subject to the satisfaction of customary closing conditions, is expected to close in the second quarter of 2024.
The cross-border M&A team was led by partner Beth Troy and associate Brittany Beyer, with support from associates Angela Chan and Lucy Chen. Partner Nigel Parker, and associate Megan McMellon, led the team advising on IP, supply chain and other commercial matters, with support from associate Amy Cheng.
The internal Haleon legal team was led by Charles Atkinson (Vice-President, Head of Corporate Legal), with support of deal co-leads Georgia Chandler and Michael Riordan.