Beauty product manufacturer Coty, Inc. recently agreed to purchase the personal care and beauty division of Brazilian consumer goods company Hypermarcas.
The $1 billon deal is set to close by the end of March and will give New York-based Coty access to leading Brazilian brands including Risqué, Bozzano and Biocolor.
The acquisition will also give Coty a platform to bring its already existing line of products, as well as those it will gain through its merger with Procter & Gamble Company's beauty company, to Brazil, the world's third-largest beauty market. The deal with P&G is expected to close during the second half of 2016, and will give Coty access to its fragrance, color cosmetics and hair color business. Coty is best-known for brands such as Calvin Klein and Sally Hansen, while P&G beauty brands include Gucci and Covergirl.
Coty's interim CEO and Chairman Bart Becht said his company is excited about purchasing the beauty business of Hypermarcas.
"We expect that the strength of the brands, the impressive leadership team and its robust infrastructure will enhance Coty’s competitive position and very much complement our contemplated merger with the P&G Specialty Beauty Business," Becht said. "(The acquisition) is another step in our progression toward creating a pure-play global leader and challenger in beauty."
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