Estee Lauder Companies (NYSE:EL)
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1 Month : From Nov 2019 to Dec 2019
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.
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(END) Dow Jones Newswires
November 18, 2019 07:14 ET (12:14 GMT)
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