The deal comes after more than a year of disagreement, as Gudelis was not allowed to buy the remaining shares in the Latvian-registered company and was forced to sell his stake.
Gudelis told BNS on Thursday that they planned to close what he described as a very profitable deal in around a month's time.
"I can say that the value (of the deal) is much higher than the (1.6 million euro) price at which we bought the shares. It is a very profitable deal for us," he said.
Gudelis told BNS that he could not say at the moment where he would invest the money received for the stake in Douglas Baltic.
The Competition Council said that on Thursday it gave the go-ahead for Douglas Investment, a subsidiary of Douglas Holding, to acquire 100 percent of shares in Latvian-registered Douglas Baltic.
Fragrances International last year bought 49 percent of shares in Douglas Baltic at auction for 1.6 million euros, outbidding Germany's Douglas Holding.
Fragrances International in July 2012 applied to the Lithuanian and Latvian competition bodies for permission to acquire 49 percent of shares in Douglas Baltic but withdrew its application in November after both regulators gave a negative opinion on the potential deal.
Douglas Baltic holds the leading position in the selective cosmetics markets of Lithuania and Latvia through its local subsidiaries, Douglas LT and Douglas LV. It owns 58 Douglas, Sarma and Kolonna stores.
Gudelis also owns KristiAna, a company that has a chain of perfumery retail stores in Lithuania and Latvia.
