Ulta Beauty eyes Space NK in major UK expansion

U.S. cosmetics retailer Ulta Beauty is on the verge of a deal to acquire British high street chain Space NK, Sky News reported on Thursday, citing a source familiar with the matter.

While the exact purchase price remains undisclosed, sources indicate that the deal is likely to exceed £300 million ($408.2 million), signaling a major investment by the U.S. retailer.

According to the report, the New York–listed company recently registered an acquisition vehicle at Companies House in the United Kingdom.

Ulta Beauty did not immediately respond to a request for comment outside regular business hours.

($1 = £0.7350)