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Women work at a Revlon cosmetics counter in Phnom Penh, Cambodia, Jan. 6, 2011. Brent Lewin/Bloomberg via Getty Images

Cosmetics maker Revlon Inc. said it would buy Elizabeth Arden Inc. in a deal valued at $870 million to boost its portfolio of skincare products and fragrances and expand its global footprint.

Elizabeth Arden shares rose nearly 49 percent to $13.85 in extended trading Thursday, just shy of the cash offer price of $14 per share. Revlon shares rose slightly to $31.30.

The deal has an equity value of $419 million, based on Elizabeth Arden's total outstanding shares as of May 3.

"The combination will leverage Revlon's scale across major vendors and manufacturing partners, improving distribution and procurement," the companies said, adding that they expected synergies of about $140 million from the deal.

BofA Merrill Lynch and Citigroup Global Markets Inc have committed about $2.6 billion of financing, the companies said.

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