Estee Lauder Nears Deal To Acquire Tom Ford: Report

Estee Lauder Companies Inc EL is reportedly nearing a deal to acquire luxury clothing brand Tom Ford for about $2.8 billion.
If the transaction goes through, it will be Estee Lauder’s largest-ever acquisition.
The cosmetics giant’s proposal prevailed, beating its competitors, including Kering SA PPRUY, the WSJ reported.
Related: Estee Lauder Eyes Tom Ford Fashion Brand: WSJ
The decrease in the deal price comes as a result of increased volatility in the market and fears of economic stability.
The takeover could help Estee Lauder gain access to new categories and tighten its competition with other players in fashion.
Also Read: Estee Lauder Shares Drop After Q1 Sales Miss, Warning On Multiple Disruptions
Price Action: EL shares are trading higher by 1.79% at $224.63 in premarket on the last check Tuesday.
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