L’Oréal signs $2.53bln deal to acquire Aesop

French L’Oréal cosmetics company has officially signed a $2.53 billion acquisition agreement on Monday to buy the Australian luxury personal care brand, Aesop, which owned by Natura & Co.

Brazil’s Natura stated that the value of the transaction would be paid in full upon closure, indicating that the acquisition would likely be completed during the third quarter of 2023.

“L’Oreal will contribute to unleash its massive growth potential, notably in China and travel retail,” L’Oreal CEO Nicolas Hieronimus said in the statement.

The deal would be L’Oréal’s largest acquisition of another brand on record, followed by its $1.7 billion purchase of YSL Beauté in 2008, according to data from Dealogic.

Aesop was founded in Melbourne, Australia in 1987. Natura picked up a 65 percent stake in the company in 2012, and formally acquired it in 2016.