Estee Lauder Cos. Inc. said on Tuesday it clinched a deal to buy U.S. fashion label Tom Ford for $2.8 billion in what would be its biggest acquisition.
Shares of Estee Lauder, which already licenses Tom Ford fragrances and cosmetics, fell marginally in extended trading.
Tom Ford entered into exclusive negotiations with Estee Lauder last week, beating competing bids from a number of other companies including Gucci owner Kering SA, the Financial Times reported on Friday.
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