UK high street retailer Space NK is close to being sold to a US-listed beauty chain, more than a year after bankers were first hired to auction the chain.
Ulta Beauty is close to a deal and it is understood that the US chain registered an acquisition vehicle at Companies House recently, as reported by Sky News.
The retailer, listed in New York, currently trades from nearly 1,500 stores in the US and has a valuation of more than $21bn (£15bn).
It is said to be on the verge of a deal to buy Space NK from existing owner Manzanita Capital, with one source telling Sky News the price being paid by Ulta is likely to be more than £300m.
In April 2024, bankers Raymond James were appointed to oversee an auction and a formal sales process eventually kicked off in May this year.
Manzanita Capital, which owns French perfume house Diptyque and Australian luxury skincare brand Susanne Kaufmann, has owned Space NK for more than 20 years.
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