On June 3, 2024, The Estée Lauder Companies Inc. (NYSE: EL) ("ELC") announced that it had completed its acquisition of the Canadian-based, vertically integrated, multi-brand company DECIEM Beauty Group Inc. ("DECIEM").

ELC first invested in DECIEM in 2017, increased its stake to become majority owner in 2021, and on May 31, 2024 exercised its option to purchase the remaining interests in DECIEM after a three-year period using cash on hand for an estimated $860 million. The total investment, net of cash, approximated $1.7 billion over the three tranches.

Michael Herman advised the trustee of the Special Trust under the Estate of Brandon Truaxe, one of the two sellers, in this final transaction.