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By
Reuters
Published
Sep 28, 2016
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Spain's Puig buys Brazil's Granado stake

By
Reuters
Published
Sep 28, 2016

Spanish fashion and fragrance firm Puig SA agreed on Tuesday to pay around 500 million reais ($155 million) for a minority stake in Grupo Granado SA, a Brazilian manufacturer and retailer of high-end beauty care goods that wants to pursue global expansion, three people with direct knowledge of the deal said.


Spain's Puig reportedly buys stake in Brazilian beauty firm Granado - Puig



Under terms of the deal, part of the proceeds will go to the owners of Granado and the rest to the company in the form of a capital increase, said two of the people, who asked not to be identified since the transaction remains private.

Reuters reported on July 14 that Barcelona-based Puig, the owner of the Carolina Herrera and Jean Paul Gaultier brands, was in advanced talks to buy a stake in Granado.

Efforts to reach media and investor relations representatives at Granado outside business hours in Brazil were unsuccessful. Calls made to Puig's headquarters went unanswered.

($1 = 3.2331 Brazilian reais)

 

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