L'Oreal set to buy skincare company Magic Holdings

French cosmetics giant L'Oreal SA said on Monday it acquired Hong Kong-listed skincare company Magic Holdings International Ltd, adding that the deal has been approved by China's Ministry of Commerce.

The move comes one week after L'Oreal announced that its brand Garnier would stop selling its products in the country.

A document, which will provide further information about the deal, will be sent to Magic's shareholders in due course, L'Oreal said in a statement. The transaction is expected to close during the second quarter of this year.