From Forbes

L’Oreal, the world’s leading cosmetic company has acquired the health and beauty division of Interconsumer Products, one of Kenya’s largest manufacturers of personal care and beauty products.

The deal was closed on Friday April 12 and was announced only today by Wang’ombe Kariuki, the Director General of Kenya’s Competition Authority. Meanwhile, the Kenyan founder of Interconsumer Products, Kenyan businessman Paul Kinuthia, is expected to earn tens of millions of dollars from the acquisition.

The entire details of the deal still remain sketchy, but according to a transaction adviser on the deal who spoke to Business Daily, Kenya’s largest business newspaper, the transaction is worth billions of shillings. The shilling currently trades at Ksh 84.5 to the dollar, so a deal in the multi-billion shilling bracket would be worth at the very least, Ksh 3billion ($35.3 million).

Read more at forbes.com