Source: Sharecast
According to Sky News, Ulta - which has a valuation of more than $21bn and operates close to 1,500 stores - is on the verge of a deal to buy Space NK from existing owner Manzanita Capital.
Ulta Beauty is understood to have registered an acquisition vehicle at Companies House in recent weeks.
Sky said the exact price being paid by Ulta was unclear on Thursday morning, although one source said it was likely to be well in excess of £300m.
Private investment firm Manzanita Capital engaged bankers at Raymond James to oversee an auction in April 2024. The firm has owned Space NK for more than 20 years.
Manzanita has also owned the French perfume house Diptyque and Austrian luxury skincare brand Susanne Kaufmann.
Manzanita previously explored a sale of Space NK in 2018, hiring Goldman Sachs to handle a strategic review, but opted not to proceed with a deal.