AURELIUS Equity Opportunities SE & Co. KGaA (LSE:0W1D) agreed to acquire The Body Shop International Limited from Natura &Co Holding S.A. (BOVESPA:NTCO3) for £207 million on November 14, 2023. The total consideration includes £90 million earnout subject to certain conditions and the price and the earn-out will be payable in up to five years after closing. The transaction is subject to approval by the relevant competition and regulatory authorities. The closing of the transaction is expected to close in December 31, 2023. Banco Morgan Stanley S.A. acted as financial advisor and Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to Natura &Co Holding S.A. (BOVESPA:NTCO3). Liam Bonamy of Jones Day acted as legal advisor to AURELIUS Equity Opportunities SE & Co. KGaA. Lazard & Co. GmbH acted as financial advisor to AURELIUS Equity Opportunities SE & Co. KGaA.

AURELIUS Equity Opportunities SE & Co. KGaA (LSE:0W1D) completed the acquisition of The Body Shop International Limited from Natura &Co Holding S.A. (BOVESPA:NTCO3) on December 29, 2023. Reinaldo Ravelli Neto, Felipe Calil and Simone Musa of Baker McKenzie (Brazil) acted as legal advisor to Natura &Co Holding S.A.