American cosmetics manufacturer Estée Lauder announced on Monday that it had finalized the acquisition of Canadian beauty brand Deciem.

In a press release, Estée Lauder recalls that it had made an initial investment in Deciem in 2017 before becoming a majority shareholder in 2021 and acquiring the entire share capital this year.

For this latest transaction, finalized on May 31, the New York-based group reports having disbursed some $860 million in cash, corresponding to a total investment of $1.7 billion.

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