THE WHAT? Kirin Holdings Co. is set to acquire Japanese skincare and cosmetics brand Fancl for approximately ¥220 billion (US$1.39 billion).

THE DETAILS  The acquisition involves an offer of ¥2,690 per share, representing a 40% premium on Fancl’s closing price on Tuesday before the proposal.

THE WHY? This acquisition follows Kirin’s purchase of Australian vitamins maker Blackmores Ltd. for about ¥170 billion last year, as part of its broader strategy to diversify from its core beer business. Kirin aims to achieve ¥500 billion in annual health-care sales, contributing around 20% of its overall revenue.