Estée Lauder to Acquire Dr. Jart+ Parent

Date : 11/18/2019 @ 12:29PM
Source : Dow Jones News
Stock : Estee Lauder Companies Inc (EL)
Quote : 197.92  1.62 (0.83%) @ 12:59AM
After Hours
Last Trade
Last $ 197.92 ◊ 0.00 (0.00%)

Estée Lauder to Acquire Dr. Jart+ Parent

Estee Lauder Companies (NYSE:EL)
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   By Dave Sebastian 
 

Estée Lauder Cos. (EL) said it has agreed to acquire the Seoul-based Have & Be Co. Ltd., which owns the skincare product Dr. Jart+ and the men's grooming brand Do The Right Thing.

The transaction follows Estee Lauder's initial investment in Have & Be in December 2015. Estee Lauder Monday said it expects to buy the remaining two-thirds of the company through a debt-funded deal that is expected to close in December.

The acquisition, which is Estee Lauder's first of an Asia-based beauty brand, would expand the company's reach in Asia Pacific, North America, the U.K. and travel retail, the company said.

Have & Be's total enterprise value is about $1.7 billion, and it is expected to have more than $500 million in sales this year, Estee Lauder said.

 

Write to Dave Sebastian at dave.sebastian@wsj.com

 

(END) Dow Jones Newswires

November 18, 2019 07:14 ET (12:14 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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