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L'Oreal buys IT Cosmetics for $1.2 billion

Reuters
The logo of French cosmetics group L'Oreal is seen on the company's building in Clichy, near Paris February 12, 2015. REUTERS/Christian Hartmann

PARIS (Reuters) - Cosmetics company L'Oreal (OREP.PA) has agreed to buy IT Cosmetics, a U.S. maker of beauty products for women with severe skin conditions, for $1.2 billion (£915.9 billion), the French firm said on Friday.

IT Cosmetics will continue to operate from its New Jersey base under its current leadership team, L'Oreal said in a statement. The all-cash deal is subject to regulatory approvals.

(Reporting by Laurence Frost; editing by Susan Thomas)