French cosmetics giant L'Oreal plans to acquire Chinese facial mask maker Magic Holdings International Ltd through the purchase of all of its shares, a move experts said Sunday will help the French company strengthen presence in the Chinese market.

In an announcement posted on its Weibo Friday, L'Oreal said the proposal has won support from Magic Holdings' six major shareholders who have a combined 62.3 percent stake in the company.

The takeover offer for the Hong Kong-listed Magic will cost L'Oreal HK$6.54 billion ($840 million), Magic Holdings said in a statement Friday posted on the Hong Kong Stock Exchange.

Magic Holdings is a leading brand in China's facial mask sector, which is the fastest growing segment of the country's skincare market.

Magic Holdings reached a revenue of HK$1.54 billion in 2012, up 29 percent year-on-year.

Reuters reported Friday citing data from consultancy Euromonitor that Magic Holdings has the biggest market share in China's facial mask market, a sector expected to grow more than 35 percent in the next two years.

L'Oreal said it will rely on Magic Holdings' talented team and expertise to further develop the brand of Magic.

Yan Qiang, a partner of Hejun Consulting, told the Global Times Sunday that the acquisition marks L'Oreal's further expansion in China, which is the main reason behind the deal. Yan said that through Magic Holdings' distribution channels in the second- and third-tier cities, L'Oreal can broaden its consumer reach as the markets in the big cities saturate.

The deal will also help L'Oreal to enrich low-end products, especially in the category of facial mask, which is not among L'Oreal's best selling products currently, Wu Zhigang, chief marketing consultant at Sense Beauty Diffusion, told the Global Times Sunday.

Magic Holdings' shareholders are likely to accept the takeover bid because the deal has a 25 percent premium and it will avoid risks of competing with strong global players such as L'Oreal, Wu said.

Previously, L'Oreal bought local brand Mininurse in 2003 and Chinese brand Yue Sai a year later.

Some people wonder whether Magic Holdings would become another "Mininurse" which lost its brand appeal after the acquisition, but Yan said that Magic Holdings is different from Mininurse. As a facial mask brand, it is not a competitor of L'Oreal's major categories. Therefore, L'Oreal will not weaken the brand and will instead take advantage of its wide distribution channel.

The deal is waiting for approval from China's Ministry of Commerce, the L'Oreal said in its announcement.

Both Yan and Wu said there are no obstacles for the deal to get regulatory approval since the acquisition will not create a monopoly.