BEAUTY PRODUCTS
Botox maker to get Bain facelift
Shares of South Korean-based maker of beauty products Hugel rise the most in five months
Seoul/Tokyo — Bain Capital has agreed to invest about $816m in Hugel to gain control of the South Korean-based maker of beauty products, including botox. Hugel shares rose by the most in five months, pacing gains by a rival maker of the antiwrinkle treatment. Bain will pay 354.7-billion won ($312m) for 985,217 new shares in Hugel and 100-billion won in convertible bonds, according to regulatory filings and an e-mailed statement from Hugel. Hugel shares jumped 8.8%, the most since November 8, to 396,000 won at the close in Seoul. Medy-Tox climbed 6.7%. The deals would give Bain control of a supplier with an estimated 30% of the botulinum toxin market in South Korea, a global leader in cosmetic procedures and surgery. The Boston-based private equity investor agreed to buy Stada Arzneimittel, Hugel’s European sales partner, last week in a $5.6bn deal in partnership with London-based rival Cinven. The new stock is priced at about 360,000 won a share, 1.1% less than the April 14 closing ...
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