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Blackstone closing in on L’Occitane deal

Blackstone is closing in on a deal with L’Occitane International owner Reinold Geiger to take the global skincare company private, with the world’s largest alternative asset manager potentially providing debt financing for the buyout, according to a report by Bloomberg.

The report cites people familiar with the matter as suggesting that an announcement on a deal, which would end the company’s 14-year listing on the Hong Kong stock exchange, may be made in the next few days. Trading of L’Occitane was suspended on Tuesday, in line with takeover codes.

According to Bloomberg’s sources, deliberations are at an advanced stage, although a formal agreement has yet to be reached and the deal may yet fail to progress.

L’Occitane has a market value of around HKD43.6bn ($5.6bn), with 70% of the company owned by a vehicle ultimately controlled by Geiger, according to exchange filings. The group has seen declining profits in recent years, with a 51% fall in the financial year ended March 2023 from the previous year.

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