Luxembourgish cosmetics and well-being products maker L’Occitane International SA, a subsidiary of L’Occitane Groupe S.A., has agreed to acquire beauty and skincare brand Elemis USA for about $900 million.

L’Occitane, with a market value of $2.9 billion, will purchase Elemis USA from Bahamas-based spa and medi-spa services provider  Steiner Leisure.

With this acquisition, L’Occitane will boost its growth globally while Elemis will leverage on the L’Occitane’s geographical presence to extend into new markets.

The deal, which will be financed using L’Occitane’s cash and bank borrowings, is expected to be closed in the first quarter of 2019.