L'Oreal SA (ENXTPA:OR) signed a definitive agreement to acquire the skincare brands CeraVe, AcneFree and Ambi from Valeant Pharmaceuticals International, Inc. (NYSE:VRX) for $1.3 billion on January 10, 2017. Upon completion of the transaction, CeraVe, AcneFree and Ambi will become part of L'Oréal's Active Cosmetics Division. The CeraVe, AcneFree and Ambi brands have annualized combined revenue of approximately $168 million.

The deal is subject to subject to customary closing conditions, including receipt of applicable regulatory approvals, and is expected to close in the first quarter of 2017. As of February 9, 2017, the Brazilian Antitrust Authority (CADE) has approved the transaction. Igor Kirman, Mark F. Veblen, Viktor Sapezhnikov, Elina Tetelbaum, Michael van den Berg, Damian G. Didden, Andrea K. Wahlquist, Erica E. Bonnett, Michael S. Benn, Emily D. Johnson, Jodi J. Schwartz and Tijana J. Dvornic of Wachtell, Lipton, Rosen & Katz acted as legal advisors to Valeant on the transaction.

Lazard Ltd (NYSE:LAZ) acted as the financial advisor to L'Oreal in this transaction. Ellen J. Odoner, Michael A. Epstein, Kenneth H. Heitner, Douglas Nave, Brianne L. Kucerik, Diane P. Sullivan and Heather A. Viets of Weil, Gotshal & Manges LLP, Paris acted as legal advisor for L'Oréal. Stephen Halperin, Neill May, Shevaun McGrath, Amalia Berg, Michael Koch and Cynthia Tape of Goodmans LLP acted as legal advisor to L'Oreal SA.