L’Oréal SA (EU:OR) announced Monday that it will acquire a further 10% interest in Galderma Group AG (BIT:1GALD), doubling its ownership to 20% as the company deepens its presence in the medical aesthetics sector. The added shares are being purchased from a consortium led by EQT, which includes Sunshine SwissCo GmbH, the Abu Dhabi Investment Authority, and Auba Investment Pte. Ltd.

Financial details of the deal were not disclosed.

With the expanded holding, Galderma’s board is expected to consider nominating two non-independent directors from L’Oréal to replace EQT consortium representatives at 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, Chief Executive Officer of L’Oréal.

The transaction will be executed via an off-market block trade with the EQT-led group. L’Oréal intends to finance the acquisition through available cash and credit facilities, with completion targeted for the first quarter of 2026 pending regulatory approval.

L’Oréal noted that it remains committed to supporting Galderma’s long-term strategy and operational independence under CEO Flemming Ørnskov, adding that it does not plan to increase its stake beyond 20%. Both companies will also explore expanding their scientific collaboration to build on shared expertise.

After closing, L’Oréal will account for its Galderma stake using the equity method, and the existing shareholder agreement between L’Oréal and SSCO will be dissolved.

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