CLICHY – L’Oréal today 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.
The transaction brings L’Oréal ownership of Galderma’s share capital to 20%.
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.
L’Oréal’s increased strategic investment in Galderma confirms the solid growth journey that the company has embarked on and reaffirms L’Oréal’s ambitions to participate in the fast-growing aesthetics market.
Building upon the long-term, trusted relationship between the two companies, L’Oréal will continue to support the company’s strategy and independence under the leadership of Flemming Ørnskov, M.D., MPH, Chief Executive Officer of Galderma, and is not contemplating to increase its stake.
“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, Chief Executive Officer of L’Oréal.”
L’Oréal and Galderma will explore reinforcing their existing scientific partnership, further leveraging the undisputed and complementary expertise of both companies.
Galderma is supportive of the transaction and recognizes L’Oréal as a strong long-term partner.
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.