Overview
- L’Oréal agreed to buy roughly 24 million Galderma shares from a consortium led by EQT, lifting its holding to 20% of the Swiss dermatology group.
- The transaction will be executed as an off-market block trade, funded with L’Oréal’s cash and credit lines, and is expected to close by the first quarter of 2026 pending regulatory approvals.
- About 6 million of the shares in the block come from EQT, which said the sale was struck at an undisclosed premium, with the overall consideration not disclosed.
- Galderma’s board will consider two non‑independent L’Oréal nominees replacing consortium-backed directors at the 2026 annual general meeting, with Galderma stating its support for the partnership.
- L’Oréal said it will account for the investment under the equity method after closing, continue to support Galderma’s independent strategy under CEO Flemming Ørnskov, and is not contemplating a further stake increase; Galderma shares rose as much as 4.5% while L’Oréal slipped about 1.7%, and reporters estimated the 10% tranche at about 3.9 billion Swiss francs based on recent prices.