Consumer goods giant Unilever has agreed to buy United States based hair care group Alberto Culver Co for $3.7bn (£2.3bn) in cash.
The Anglo Dutch group's acquisition will add brands such as V05, TRESemme and Nexxus, and make Unilever the world's leading company in hair conditioning, the second largest in shampoo, and the third largest in styling.
"Personal care is a strategic category for Unilever and growing rapidly. Ten years ago it represented 20 percent of our turnover; strong organic growth has driven it to now reach over 30 percent, with strong positions in many of the emerging markets," said Unilever Chief Executive Paul Polman in a statement.
City A.M. Reporter