L’Oreal to Acquire YSL Beaute Unit

PARIS, France—The European Commission has authorized the acquisition of  PPR Group’s Yves Saint Laurent (YSL) Beaute to L’Oreal, adding that the deal would not impede competition in the European Union. The commission said the merger would still face stiff competition from international cosmetic manufacturers such as Estee Lauder or Chanel.

The transaction involves all shares of YSL Beaute, including its Roger & Gallet subsidiary, for an enterprise value of 1.15 billion euros ($1.78 billion USD). Under terms of the deal, L’Oreal would hold a long-term, exclusive worldwide license for the YSL and Boucheron brands in perfumes and cosmetics, in addition to the transfer of the licenses for Stella McCartney, Oscar de la Renta fragrances and cosmetics. The YSL, Boucheron and Stella McCartney brands would remain the property of the PPR group.

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