The Estée Lauder Companies Inc. (ELC) has announced that it has entered into an agreement to increase its investment in Canadian-based Deciem Beauty Group Inc. from 29% to 76%. The transaction is expected to close in the quarter ending June 30, 2021.

The amount to be paid by ELC at closing is approximately USD 1 billion, reflecting a total enterprise value of approximately USD $2.2 billion. Since Estée Lauder’s initial investment in June 2017, Deciem has grown rapidly, achieving net sales for the 12 months ended January 31, 2021, of approximately USD $460 million. Estée Lauder plans to take full ownership in three years.