(Reuters) -U.S. cosmetics retailer Ulta Beauty is on the verge of a deal to buy British high street chain Space NK, Sky News reported on Thursday, citing a source. The exact price being paid by Ulta
Ulta Beauty Expands into the UK with Acquisition of Space NK
(Reuters) -U.S. cosmetics retailer Ulta Beauty on Thursday announced its entry into the British market with its purchase of high street chain Space NK.
Founded by beauty industry veteran Nicky Kinnaird, Space NK offers premium beauty and perfume brands in the UK and Ireland through its 83 cosmetics retail stores, as well as online.
Ulta Beauty did not disclose the financial terms of the transaction.
The acquisition offers an opportunity to enter the growing UK market and underscores the company's focus on international expansion under its turnaround plan, Ulta Beauty CEO Kecia Steelman said in a statement.
Sky News first reported on the deal earlier on Thursday.
While the exact price being paid by Ulta was unclear, the deal value was likely to be well in excess of 300 million pounds ($408.2 million), the report said.
Ulta Beauty bought Space NK from private investment firm Manzanita Capital, funding the deal with cash on hand and capacity under its existing credit facility, the U.S. cosmetics company said.
In May, Ulta Beauty had raised its annual profit target due to robust demand for affordable beauty and skincare products from younger customers.
($1 = 0.7350 pounds)
(Reporting by Savyata Mishra and Juveria Tabassum in Bengaluru; Editing by Leroy Leo)
