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Natura &Co Holding S.A. (NYSE:NTCO) shares are trading higher Tuesday after the company reached an agreement under which L'Oréal will acquire Aesop.
What To Know: The Aesop brand consists of products across multiple beauty and wellness categories, including hair, body, skin, home and fragrance.
L'Oréal signed an agreement to acquire Aesop for an enterprise value of $2.525 billion. Natura &Co said it will be able to strengthen and deleverage its balance sheet as a result of the transaction, freeing up resources to focus on its strategic priorities.
"The divestment of Aesop marks a new development cycle for Natura &Co ... We are confident that Aesop's growth story will continue under the ownership of L'Oréal and wish Aesop continued success in this new chapter," said Fabio Barbosa, CEO of Natura &Co.
The transaction is still subject to regulatory approvals, but it's expected to close in the third quarter.
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NTCO Price Action: Natura shares were up 8.07% at $5.76 at time of publication, according to Benzinga Pro.
Photo: AdoreBeautyNZ from Pixabay.
Posted In: NTCO
