L’Occitane International has paused trading of its Hong Kong-listed shares ahead of an expected takeover announcement.
The skin care company’s billionaire owner Reinold Geiger and private equity firm Blackstone are reportedly nearing a deal to take it private, according to Bloomberg.
Citing people familiar with the matter, Bloomberg said Blackstone may provide debt financing for the buyout, with an announcement anticipated in ‘coming days’.
Trading was suspended in Hong Kong on Tuesday and stock closed at HK$29.50 on Monday.
Blackstone has a history of beauty brand investment and acquired a majority stake in sunscreen label Supergoop in 2021.
Reports of the US company mulling a deal with Geiger have been circling since February.
Geiger is the controlling shareholder of L’Occitane International via his investment holding company L’Occitane Groupe.
Last year, L’Occitane International confirmed that L’Occitane Groupe was contemplating a possible transaction.
A 9 August Bloomberg article reported that Geiger was looking to buy the minority of shares he didn’t already own in L’Occitane International with the eventual aim of seeking a higher valuation for the beauty company via a European listing.
However, this was shelved not long after.
This most recent development comes days after Laurent Marteau took the reins at L’Occitane Group as CEO and Group MD on 1 April.
Marteau replaced long-time CEO André J Hoffmann, who recently bought Grown Alchemist from L’Occitane Group for €28m.