Deals
L’Oreal Agrees to Buy IT Cosmetics for $1.2 Billion in Cash
- Acquisition is the French company’s biggest in eight years
- IT Cosmetics was co-founded by former TV news anchor
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L’Oreal SA agreed to acquire IT Cosmetics for $1.2 billion in its largest acquisition in eight years, adding more than 300 skin-care and makeup products to its lineup.
IT Cosmetics, backed by TSG Consumer Partners, will become part of the Luxe division of L’Oreal as part of the all-cash transaction, according to a statement on Friday. IT will continue to operate out of its headquarters in Jersey City, New Jersey.