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Investing.com -- Ulta Beauty (NASDAQ:ULTA), a New York-listed company valued at more than $21 billion, is reportedly preparing to acquire British high street beauty chain Space NK from current owner Manzanita Capital.
The American beauty retailer, which operates nearly 1,500 stores, has recently registered an acquisition vehicle at Companies House as part of the transaction process, according to Sky News on Thursday.
While the exact purchase price remains undisclosed, Sky News sources indicate the deal is likely to exceed £300 million ($380 million).
Manzanita Capital, a private investment firm that has owned Space NK for over two decades, initiated the sale process in April 2024 when it engaged Raymond (NSE:RYMD) James bankers to oversee an auction of the British beauty retailer.
The acquisition would give Ulta Beauty a significant foothold in the UK beauty market through one of Britain’s most recognized premium beauty chains.
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