© Reuters. FILE PHOTO: An Estee Lauder cosmetics counter is seen in Los Angeles, California, U.S., August 19, 2019. REUTERS/Lucy Nicholson/File Photo
(Reuters) -Estee Lauder Cos Inc said on Tuesday it clinched a deal to buy U.S. fashion label Tom Ford for $2.8 billion in what would be its biggest acquisition.
Shares of Estee Lauder (NYSE:), which already licenses Tom Ford fragrances and cosmetics, fell marginally in extended trading.
Tom Ford entered into exclusive negotiations with Estee Lauder last week, beating competing bids from a number of other companies including Gucci owner Kering (EPA:) SA, the Financial Times reported on Friday.
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