The Body Shop is getting a new Brazilian owner

The Body Shop is getting a new Brazilian owner.

Paris-based cosmetics giant L'Oreal announced Tuesday that it agreed to sell The Body Shop to Brazilian cosmetics firm Natura.

Financial details were not disclosed, but L'Oreal had previously said the brand was worth roughly -1 billion ($1.1 billion).

Analysts at Liberum predicted earlier this month that the deal would be good for Natura, which is looking to grow its business outside Latin America.

"Natura is well placed to provide the investment and expertise required to rejuvenate The Body Shop performance," said analysts Robert Waldschmidt and Anubhav Malhotra.

The Body Shop sells its products in 66 countries.

The deal will need regulatory approval before it goes through. It could close later this year.

L'Oreal has owned the 40-year-old Body Shop brand since 2006. It was founded in Brighton, England, by Dame Anita Roddick.

Natura, which also owns the Australian brand Aesop, was founded in 1969 and is headquartered in Sao Paulo. It says it's committed to making sustainable and responsible products.

-- Aaron Smith contributed to this report.