CADE, Brazil’s anti-trust authority, has approved without restrictions the acquisition of Avon Products, Inc. by Natura & Co, announced the Brazilian beauty giant.

Natura’s headquarters in Cajamar, SP, Brazil

Approval by Brazil’s competition authorities is one of the key steps towards the completion of the transaction, which remains subject to the fulfilment of other conditions precedent, including antitrust approval in other applicable jurisdictions.

Announced on May 22, 2019, the transaction will create the world’s fourth-largest pure play beauty company and is a major step in the creation by Natura &Co of a multi-brand, multi-channel, purpose-driven beauty group, which also includes Natura, The Body Shop and Aesop.

The Body Shop was acquired by Natura from L’Oréal in 2017

Roberto Marques, Executive Chairman of Natura &Co, declared: "We are very pleased to have received approval without restrictions from Brazil’s competition authority. The process is advancing according to our expectations, and we continue to expect a closing of the transaction by the first quarter of 2020."