IT Cosmetics Sold to L’Oréal for $1.2 Billion

Munger, Tolles & Olson represented Jamie Kern Lima and Paulo Lima, the founders of IT Cosmetics, in the company’s $1.2 billion sale to L’Oréal. The deal was announced on July 22, 2016.

IT Cosmetics will become part of the Luxe Division of L’Oréal. According to press reports, the deal is among L’Oréal’s largest acquisitions.

The Munger Tolles attorneys representing the IT Cosmetics founders are Michael J. O’Sullivan and Jasmine M. Roberts.

Mr. O’Sullivan focuses his practice on advising companies and their boards of directors on corporate transactions, governance matters and significant disputes. In 2010, he represented Leslie Blodgett in connection with the $1.7 billion sale of her cosmetics company, Bare Escentuals, to Shiseido.

Ms. Roberts’ practice focuses on various forms of mergers and acquisitions, including private auctions involving bids from both strategic and financial purchasers, and other forms of business transactions, such as equity and debt financings.