Olaplex to be acquired by German company Henkel in $1.4 billion deal

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German consumer brand Henkel announced Thursday that it has agreed to acquire all of prestige haircare brand Olaplex

for $1.4 billion.

The company said the deal, at an offer price of $2.06 per share, was unanimously approved by Olaplex’s board of directors and marks an “important milestone” in Henkel’s business strategy.

“The planned acquisition of OLAPLEX is fully in line with Henkel’s strategy to expand its portfolio through compelling, value-adding M&A activities,” Henkel CEO Carsten Knobel said in a statement. “This transaction allows us to expand our presence in premium hair care. The brand creates compelling opportunities for future growth and innovation.”