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Beauty and wellness company Waldencast PLC WALD said it signed a binding letter of intent to acquire a 60% controlling interest in a newly formed entity to be comprised of the business of its Southeast Asia (SEA) distributor.
The letter of intent is binding upon the SEA distributor, but Waldencast’s obligations are subject to the satisfaction of certain conditions. The financial terms were not disclosed.
Waldencast expects the deal to further accelerate its growth in a key strategic region for the company.
Waldencast expects to close the transaction in the coming weeks.
The company plans to hold its fourth quarter and fiscal year 2022 earnings release and conference call on April 26 against the previously announced date of March 15.
Michel Brousset, Founder and CEO, stated: “We are pleased to have reached an agreement to further deepen our presence in a rapidly growing market in partnership with our long-standing distributor in the region.”
Price Action: WALD shares closed at $7.95 on Monday.
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