French giant L'Oréal acquires 10% of Galderma. The French cosmetics brand is buying 10% of the Swiss firm from the Sunshine SwissCo consortium, led by EQT, Abu Dhabi Investment Authority (ADIA) and Auba Investment, for an undisclosed amount.
Europa Press reported the news today, but the deal could be extended later in the week and would be implemented through an off-market block trade with the EQT-led consortium to be financed by L'Oréal's cash and available credit lines.
Nicolas Hieronimus, CEO of L'Oréal, said this symbolises the ambition in the group: "We fully support Galderma's management and its strategy as a leading company in the pure dermatology market, respect its independence and have full confidence in its long-term growth potential".
The Swiss company explained that L'Oréal's investment in the company is welcomed as a good sign and a symbol of confidence in its strategy and track record.