Ulta Beauty (NASDAQ:ULTA), the U.S.-based beauty giant with a market valuation of more than $21 billion, is reportedly on the verge of acquiring Space NK, a prominent British high street beauty retailer, from long-time owner Manzanita Capital.
According to a report from Sky News on Thursday, Ulta has taken a major step toward completing the acquisition by registering a corporate entity at Companies House, signaling that the transaction is moving forward.
Although the final price has not been publicly confirmed, sources familiar with the matter suggest the deal will likely surpass £300 million (approximately $380 million).
Manzanita Capital, the private equity firm that has held a controlling interest in Space NK for over 20 years, began formally exploring a sale in April 2024, hiring Raymond James to oversee the auction process.
If finalized, the acquisition would mark Ulta Beauty’s first major push into the UK market, granting it a strong presence through one of Britain’s most recognized premium beauty brands. With nearly 1,500 locations across the United States, Ulta has been eyeing international expansion to diversify its footprint and customer base.
The potential deal underscores growing competition and consolidation in the global beauty retail sector, particularly as U.S. companies look abroad for growth opportunities.
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