BRASILIA: Coty Inc. COTY, +2.07% said it has agreed to buy the personal care and beauty business of Brazil’s Hypermarcas S.A. for about $1 billion in cash. Coty said it will fund the deal with a mixture of cash and existing debt facilities, and expects it to close by end March.
The business had $253.5 million in revenue as of 2014, and has leading positions in the Brazilian market, the third largest in the world. “We expect that the strength of the brands, the impressive leadership team and its robust infrastructure will enhance Coty’s competitive position and very much complement our contemplated merger with the P&G Specialty Beauty Business,” Coty Interim Chief Executive Bart Becht said in a statement. Shares were not yet active in premarket trade, but are up 40% in the year to date, while the S&P 500 has gained 1%.
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