U.S. cosmetics retailer Ulta Beauty (NASDAQ:ULTA) is on the verge of a deal to buy British high street chain Space NK, Sky News reported on Thursday, citing a source.

The exact price being paid by Ulta was unclear, the report said, adding that the deal value was likely to be well in excess of 300 million pounds ($408.2 million).

The New York-listed firm is understood to have registered an acquisition vehicle at Companies House in recent weeks, according to the report.

Ulta Beauty did not immediately respond to a request for comment outside of business hours.