L’Oréal has announced the acquisition of an additional 10% in Galderma Group AG from a consortium led by EQT, which includes Sunshine SwissCo GmbH (SSCO), Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. (all acting in coordination as sellers) for an undisclosed amount.
Inside the Transaction
The transaction brings L’Oréal ownership of Galderma’s share capital to 20%.
The transaction will be implemented by way of an off-market block trade with the EQT-led consortium. L’Oréal and the EQT-led consortium agreed to customary provisions for an investment of this type. The previously concluded shareholder undertaking between L’Oréal and SSCO will be dissolved effective upon completion of the transaction.
The transaction will be funded with L’Oréal’s available cash and credit lines. Closing is expected by Q1-2026 and remains subject to customary regulatory approvals.
Following the completion of the transaction, L’Oréal will consolidate its stake in Galderma under the equity method.
Strategic Investment Solidifies Partnership
In connection with the increased investment, the board of directors of Galderma will consider nominating two non-independent board candidates from L’Oréal, replacing the consortium led by EQT, as from the 2026 Annual General Meeting.
“Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment made in 2024 in Galderma has proven very successful, and therefore, we are eager to solidify and extend the partnership further," said Nicolas Hieronimus, CEO of L’Oréal.
L’Oréal will continue to support the company’s strategy and independence under the leadership of Flemming Ørnskov, M.D., MPH, CEO of Galderma, and is not contemplating to increase its stake.
