Estee Lauder to buy Toronto-based skincare company Deciem at US$2.2-billion valuation
|CTVnews Yesterday 23 Feb 2021 at 11:59|
TORONTO -- The Estee Lauder Cos Inc. says it has struck a deal to buy Canadian skincare company Deciem Beauty Group Inc. at a valuation of US$2.2 billion
The agreement will see Estee Lauder purchase the Toronto-based company behind the popular skin care brand The Ordinary in two phases.
Estee Lauder says the first phase of the deal, which is expected to close by June 30, will see the company increase its stake in Deciem to 76 per cent from 29 per cent for US$1 billion.
The American multinational manufacturer of skincare, makeup, fragrance and hair care products says it has agreed to buy the remaining interests after a three-year period at an amount to be determined based on Deciem s future performance.
Deciem, which calls itself The Abnormal Beauty Company, was founded in 2013 by the late Brandon Truaxe, a computer scientist and cosmetics entrepreneur.