PARIS, France - German perfume-to-books group Douglas is nearing a deal to buy French perfume and cosmetics retailer Nocibé, Les Echos reported on Friday, citing sources close to the matter.

Both companies, respectively owned by private equity firms Advent and Charterhouse, have agreed on an indicative price and financing, the French business daily wrote, suggesting a potential valuation for Nocibé of 500-550 million euros ($683.20-$751.52 million).

Discussions are now focusing on competition matters ahead of approval by antitrust regulators, Les Echos wrote, adding that the French perfume market was currently dominated by LVMH-owned Sephora and Marionnaud.

However, no deal has been sealed, and French private equity firm LBO France is also in the race, the paper added.

Advent declined to comment on the report. Nobody at Douglas, Charterhouse and LBO France was immediately available to comment.