NEW YORK — Revlon Inc. is acquiring Elizabeth Arden Inc. in a deal valued at approximately $870 million.

Revlon said that under the agreement, announced late Thursday, it will acquire all of the outstanding shares of Elizabeth Arden for $14 per share in cash, , which represents a 50% premium over Elizabeth Arden’s closing share price of $9.31 on June 16.

By bringing together two highly complementary, iconic brand portfolios, Revlon said it can benefit from greater scale, an expanded global footprint, and a significant presence across all major beauty care channels and categories, including the addition of Elizabeth Arden’s growing prestige skin care, color cosmetics and fragrances.

Revlon noted that its strength and expertise in color cosmetics, hair care, men’s grooming, antiperspirants, deodorants and beauty tools will be complemented by the addition of Elizabeth Arden’s world-class portfolio of licensed prestige fragrances and the internationally recognized line of Elizabeth Arden-branded prestige skin care, color cosmetics and fragrance products.

The acquisition is strategically and financially compelling, according to Revlon president and chief executive officer Fabian Garcia.

“Elizabeth Arden and Revlon are both known for their iconic brands, entrepreneurial spirit, and commitment to innovation, quality and excellence. Revlon plans to build upon Elizabeth Arden’s ongoing transformation by further enhancing the brand, with even more vibrant and relevant product development and marketing, while carefully preserving its unique heritage within prestige,’ ” Garcia said in a statement. “Combining our brands, talent and global distribution will give our company a significant presence in all major channels and categories, while accelerating sales growth in existing and new geographic regions. We look forward to bringing together our two top-notch teams to form a global leader in beauty.”

Cost synergies of approximately $140 million are expected to be achieved through the elimination of duplicative activities, leveraging purchasing scale, and optimizing the manufacturing and distribution networks of the combined company. The companies said they expect to achieve additional growth opportunities in both sales channels and geographies.

“We believe this is a compelling transaction that delivers certain value to our shareholders, while recognizing the unique equity in the Elizabeth Arden brand, our impressive fragrance portfolio and global footprint, as well as the positive momentum and growth potential for our business,” stated E. Scott Beattie, chairman, president and CEO of Elizabeth Arden. “We look forward to working with the Revlon leadership team to create a leading global beauty company, able to provide accelerated growth for the Elizabeth Arden-branded products as well as our prestige licensed fragrance portfolio, and broader opportunities for many of our employees.”

Plans call for Beattie to join Revlon’s board of directors as nonexecutive vice chairman and to serve as a senior adviser to Garcia to assist with the integration and transition.

Revlon said the transaction, which has been unanimously approved by the Revlon and Elizabeth Arden boards, is expected be completed by the end of this year, pending approval from Elizabeth Arden shareholders and regulators, as well as other customary closing conditions.