Business
Waldencast plc Announces Binding Letter of Intent to Acquire 60% of its Southeast Asia Distributor
Acquisition to Accelerate Strategic Growth in a Key Skincare Market Company Moves Fourth Quarter Fiscal 2022 Earnings Call to April 26, 2023 NEW YORK, March
About this update from Waldencast Plc
[{"type":"text","content":"Acquisition to Accelerate Strategic Growth in a Key Skincare Market Company Moves Fourth Quarter Fiscal 2022 Earnings Call to April 26, 2023 NEW YORK, March 13, 2023 (GLOBE NEWSWIRE) -- Waldencast plc, (NASDAQ: WALD) (“Waldencast”), a global multi-brand beauty and wellness platform, announced today that it signed a binding letter of intent to acquire a 60% controlling interest in a newly formed entity to be comprised of the business of its Southeast Asia (SEA) distributor. The letter of intent is binding upon the SEA distributor, but Waldencast’s obligations are subject to the satisfaction of certain conditions. Assuming the satisfactory completion of its due diligence and negotiation of definitive agreements, Waldencast expects to close the transaction in the coming weeks. This transaction will further accelerate Waldencast’s growth in a key strategic region for the Company. The skincare market in Southeast Asia is approximately $11 billion1 and growing rapidly. The Obagi brand has achieved critical mass in this market, with widespread support from the dermatological community, and are poised for even faster growth with the benefit of Waldencast’s majority ownership and investment resources. There can be no assurance that a definitive agreement with the SEA distributor will be executed or that the contemplated transaction or any other similar transaction will be approved or consummated. Waldencast does not undertake any obligation to provide any updates with respect to any transaction, except as required under applicable law. As a result of the contemplated acquisition, the Company has changed the date and time of its previously announced earnings release and conference call. The Company will now hold its fourth quarter and fiscal year 2022 earnings release and conference call on April 26, 2023 versus March 15, 2023. This change allows the Company to evaluate whether any adjustment may be needed to fiscal year 2022 financials to reflect the expected acquisition of its SEA distributor and to provide investors a perspective on the business that will give effect to this transaction. Michel Brousset, Founder and Chief Executive officer, stated: “We are pleased to have reached an agreement to further deepen our presence in a rapidly growing market in partnership with our long-standing distributor in the region. If concluded, this ac...