Revlon Inc. is going to purchase Elizabeth Arden for $419 million. Elizabeth Arden is valued on the market at $870 million including debt, and is seen generally as unprofitable after posting nearly $400 million of losses for the last two years. Bank of America and Citigroup are going to spend $2.6 billion to help Revlon with the acquisition, and pay off Elizabeth Arden’s debt. After the acquisition was announced, Elizabeth Arden’s share price increased by 50% to $14 each. Revlon will focus on creating new licenses for fragrances by Elizabeth Arden, expanding their popularity in markets where Elizabeth Arden is already a dominant player such as the Asian region, and helping solidify Elizabeth Arden’s online presence.