Bank of America is preparing to launch a deal backing Tupperware Corp.'s acquisition of the direct selling business of Sara Lee Corp. Syndication is scheduled to launch Monday with a bank meeting scheduled for Wednesday. Terms could not be determined.
The two companies entered into an agreement in early August with a purchase price set for $557 million. The Sara Lee business sells beauty and personal care products, primarily in Latin America and Asia, and the acquisition should increase Tupperware's existing BeautiControl business by about 35%, according to a statement by the company.
Lazard acted as financial advisor to Tupperware and Wachtell, Lipton, Rosen & Katz acted as legal counsel. A spokeswoman for Tupperware did not return a call. A spokeswoman for B of A declined comment.