By Mauro Orru and Andrea FiguerasL'Oreal agreed to buy a minority stake in Swiss skincare company Galderma valued at $1.85 billion at market prices, banking on its dermatology portfolio. The French cosmetics giant said it was acquiring a 10% stake in Galderma from EQT-led Sunshine SwissCo, Abu Dhabi Investment Authority and Auba Investment Pte. L'Oreal didn't disclose the value of the stake, but said it would fund the deal through cash and credit lines. A 10% stake in Galderma is valued at roughly 1.59 billion Swiss francs, equivalent to $1.85 billion, based on the stock's closing price on Friday of CHF66.96. The stake purchase comes nearly a year after L'Oreal completed its acquisition of Australian luxury-beauty brand Aesop in a $2.5 billion deal, including debt.

Source: Wall Street Journal August 05, 2024 06:47 UTC