Unilever to buy Alberto for $3.7B
The maker of consumer goods will add hair- and skin-care brands through the deal.
By Joseph Woelfel, TheStreet
Unilever (UN) has agreed to buy Alberto Culver (ACV) for $3.7 billion to expand its presence in hair and skin care.
Unilever, in a statement to the London Stock Exchange, said the acquisition of Alberto Culver will complement its Dove, Pond's and Vaseline products. Alberto Culver makes Tresemme, VO5 and Simple beauty products.
Unilever said the acquisition will make it the world's No. 1 company in hair conditioning, the second-largest in shampoo and the third-largest in styling products. The deal will also boost its presence in North America, Asia and Australia.
Unilever said the purchase will increase its earnings in its first year, excluding restructuring costs. Alberto Culver sales for the year through June were $1.6 billion. Its market capitalization is about $3.1 billion.
Unilever shares were rising 1% to $29.66 at 11:24 a.m. ET. The stock has gained 5.4% during the past year, while the S&P 500 ($INX) has advanced 9.6%. Alberto Culver shares are soaring 20% to $37.64 and have climbed 39% during the past year.
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