L’Occitane International SA’s billionaire owner Reinold Geiger and Blackstone are nearing a deal to take the skin-care company private, people familiar with the matter said, potentially ending its 14-year run on Hong Kong’s stock exchange. The world’s largest alternative asset manager may provide debt financing for the buyout, the people said, asking not to be identified as the information isn’t public. An announcement may come as soon as in the coming days, they said.
Blackstone has been considering a bid for L’Occitane and has conducted preliminary due diligence, Bloomberg News reported in February. The company has a market value of about HK$43.6 billion . A vehicle ultimately controlled by L’Occitane Chairman Geiger owns more than 70% of the company, exchange filings show. L’Occitane was founded in 1976 by Frenchman Olivier Baussan, who started out making essential oils from plants like lavender in the Provence countryside and selling them at local markets.
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