On Tuesday, Shares of Avon Products Inc. (NYSE:AVP), lost -1.33% to $5.94.
Avon Products, declared that it has divested Liz Earle, its wholly-owned, UK-based natural skincare brand. Walgreens Boots Alliance, the global pharmacy-led, health and wellbeing enterprise, attained the Liz Earle business for £140 million in an all-cash transaction.
Avon attained Liz Earle in March 2010 and has since managed the brand as a standalone business from the core direct-selling business. In 2014, Liz Earle represented about 1% of the company’s merged revenue and adjusted operating profit, or about 3% of its Europe, Middle East & Africa reporting segment’s revenue and adjusted operating profit. Proceeds from the transaction will be used for the company’s anticipated redemption of $250 million, 2.375% Notes due March 2016. This is a noteworthy step forward in enhancing the company’s capital structure to advance its planned priorities.
Avon Products, Inc. manufactures and markets beauty and related products worldwide. It offers beauty products, such as skincare, and personal care products, in addition to fragrances and color cosmetics; and fashion and home products comprising of jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children’s products, and nutritional products.
Shares of MPLX LP (NYSE:MPLX), inclined 3.37% to $61.02, during its last trading session.
Marathon Petroleum Corporation (MPC), declared that MPLX LP (MPLX), the midstream master limited partnership (MLP) sponsored by MPC, has signed a definitive merger agreement with MarkWest Energy Partners, L.P. (MWE) (MarkWest) whereby MarkWest would become a wholly owned partner of MPLX. The merger would be a unit-for-unit transaction, generally predictable to be tax-free, plus a one-time cash payment to MarkWest unitholders, that implies an enterprise value for MarkWest of about $20 billion, counting the assumption of debt of about $4.2 billion, as of the close of trading on Friday, July 10, 2015. MPC would contribute $675 million of cash to MPLX to fund the one-time cash payment.
MarkWest, an MLP that owns and operates midstream service businesses in several liquids-rich natural gas resource plays in the U.S., is the nation`s second largest processor of natural gas and the largest processor and fractionator in the Marcellus and Utica shale regions.
MPLX LP owns, operates, develops, and acquires pipelines and other midstream assets related to the transportation and storage of crude oil, refined product, and other hydrocarbon-based products in the United States.
Finally, Chambers Street Properties (NYSE:CSG), ended its last trade with 1.09% gain, and closed at $7.39.
Chambers Street Properties, declared it has sold a 142,500 square foot office property located at 225 Summit Avenue in Montvale, New Jersey to a partner of Memorial Sloan Kettering Cancer Center for $37.0 million. The sale of this property further reduces the Company’s exposure to the New Jersey office market.
Chambers Street Properties is a equity real estate investment trust. The firm invests in the real estate markets of United States, United Kingdom, and Germany. It focuses on acquiring, owning and operating the properties. The firm invests in industrial and office properties.
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