2023-10-11 14:36:20

Abu Dhabi's IHC acquires 51% of Bin Suhail Group to form beauty JV

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Nasdaq
By Reuters

DUBAI, Oct 11 (Reuters) - Abu Dhabi conglomerate International Holding Company (IHC) IHC.AD has agreed to acquire 51% of Bin Suhail Group through a subsidiary to form a beauty industry joint venture, it said on Monday.

IHC subsidiary Multiply Group, owner of beauty brands such as Bedashing, will merge with Bin Suhail Group, which owns the 35-location beauty and spa brand Tips & Toes.

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The joint venture will operate under newly-established Omorfia Group, in which IHC will own a controlling 51% stake. The deal's value was not disclosed.

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