By Colin Kellaher

Estee Lauder has taken full ownership of Deciem Beauty Group, shelling out $860 million for the remaining 24% stake in the owner of The Ordinary beauty brand.

Estee Lauder on Monday said it used cash on hand to fund the purchase, bringing its total investment in Deciem to about $1.7 billion over three tranches.

New York-based Estee Lauder first invested in Deciem in 2017 and became majority owner of the Canadian company in 2021.

Estee Lauder in February raised $650 million in an offering of senior notes to fund the planned exercise of its option to buy the remaining interests in Deciem after a three-year period.

Write to Colin Kellaher at

(END) Dow Jones Newswires

06-03-24 0731ET