The Brazilian cosmetics giant announced on Monday, October 30, that it has signed an exclusivity agreement with German private equity fund Aurelius Investment Advisory Limited regarding the sale of The Body Shop.

According to Natura &Co, the terms and conditions of the sale are being negotiated and there is no guarantee that the transaction will be completed. However, several British media sources said the operation is expected to be completed in November at a lower price that what Natura paid to L’Oréal for acquiring the brand in 2017

The company began considering a possible sale of The Body Shop in August, after having sold Aesop to L’Oréal in April, for around USD 2.4 billion.

Through this new operation, Natura &Co intends to reduce the size of its debt.