CGR is buying the cosmetics brand B Perfect Cosmetics for $1,847 million, including $1 million in cash.
The deal is expected to close in the second half of the year.
The cosmetics business is owned by the CGL Group.
The CGL group is an international cosmetics group with offices in Singapore and Malaysia.
CGL also owns several other cosmetics brands.
B Perfect has been in the cosmetics business since 1994.
The group was spun off from the CGS Group in 2012.
B is currently in the midst of a major renovation and relaunch of its brands.
According to the deal announcement, the acquisition will strengthen CGL’s position as a leader in the global cosmetics market.
B’s global cosmetics brands include Aveda, Clinique, Clinix, Essie, Kiehl’s, MAC, MAC Cosmetics, Nars, Sephora, Swarovski, and Tarte.
B’s cosmetics are designed and developed by its beauty teams in China, Japan, Korea, Singapore, and the United States.
The purchase is a massive expansion of the B cosmetics business.
CGS Group’s total revenue for the first nine months of fiscal 2017 was $11.7 billion.
With the purchase, the CGR Group is now the fifth-largest cosmetics business in the world.