L’Oréal To Purchase Chinese Cosmetic Facial Mask Company

L’Oréal has offered to purchase Chinese cosmetic facial mask supplier Magic Holdings International Ltd. for approximately $842.4 million ($0.84 a share), the companies announced. Magic’s MG facial mask brand is one of China’s leading brands in the category, one of China’s fastest growing beauty sectors. Company sales in 2012 were approximately $200 million, up 29 percent from 2011. The transaction must be approved by the Ministry of Commerce of the People’s Republic of China (MOFCOM).