By  on August 15, 2013

L’Oréal has struck an agreement with Magic Holdings International Ltd. in China to acquire all of the shares of the Chinese manufacturer of cosmetics facial masks.

The deal is worth an estimated $840 million at current exchange, under L’Oréal’s agreement to pay a proposed price of 6.30 Hong Kong dollars, or 81 cents, a share. Shares of Magic Holdings are traded in Hong Kong.

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