Nevlon Inc, a cosmetic company based in New York, agreed to definitely acquire Elizabeth Arden for a deal approximately worth $870 mil at $14.00 per share.
The two companies predict that they will obtain new growth opportunities in both revenue and geographic footprint. The acquisition sustains Revlon’s presence in travel-retail, as well as its “significant” presence across all significant beauty channels and categories, including skin care, color cosmetics and fragrances.
Revlon believes that buying the company will help its global footprint, since Elizabeth Arden has a strong presence in the Asia Markets.
According to the Bloomberg, “We see great opportunities for growth where they are strong and we are not,” Revlon Chief Executive Officer Fabian Garcia said on a conference call.