SPAC Waldencast to acquire skin care brands Obagi and Milk Makeup in deal valued at about $1.2 billion


Particular function acquisition company Waldencast Acquisition Corp.
stated Monday it has entered agreements to accumulate skincare manufacturers Obagi and Milk Make-up, in a three-way cope with a professional forma enterprise worth of about $1.2 billion, as a primary step in creating a worldwide magnificence and wellness platform. Waldencast Founder and Chief Govt Michel Brousset, a former L’Oreal government, will lead the mixed enterprise, together with co-Founder and COO Hind Sebti and CFO/CTO Tassilo Festetics. The mixed firm can have $345 million of money from the SPAC and $333 million in Ahead Buy Agreements. It is going to even have $105 million from a personal funding in public fairness, or PIPE, and $475 million of sellers’ rollover fairness. The deal is predicted to shut within the first half of 2022. The brand new firm will commerce on Nasdaq underneath the ticker “WALD.”