08 04 2016

Ulta Salon, Cosmetics & Fragrance, Inc. $200 Million Accelerated Share Repurchase

Davis Polk advised the dealer manager in connection with a fixed-dollar, uncollared accelerated share repurchase transaction it entered into with Ulta Salon, Cosmetics & Fragrance, Inc., pursuant to which Ulta is repurchasing $200 million of its common stock.


The Company entered into an accelerated share repurchase agreement with Goldman, Sachs & Co. Under the terms of the transaction, Ulta is expected to receive an initial delivery of approximately 850,000 shares of its common stock and is expected to receive delivery of an additional number of shares at maturity of the transaction, which is expected to occur during the second quarter of 2016. The total number of shares to be repurchased under the transaction will be based generally upon the volume-weighted average share price of Ulta’s common stock during the term of the transaction. Headquartered in Bolingbrook, Illinois, Ulta is a beauty retailer that provides one-stop shopping for prestige, mass and salon products and salon services. The Davis Polk equity derivatives team included partner Mark M. Mendez (Picture) and associate Mark J. DiFiore. Involved fees earner: Mark Mendez - Davis Polk & Wardwell; Mark DiFiore - Davis Polk & Wardwell;

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