LONDON (BLOOMBERG, REUTERS) - Johnson & Johnson agreed to buy Vogue International, a closely held hair-care company, for about US$3.3 billion (S$4.54 billion) in cash.
The acquisition will include the OGX brand of shampoos, conditioners and styling products, as well as the FX line of styling products, New Brunswick, New Jersey-based J&J said Thursday (June 2) in a statement.
Vogue's products are sold in the United States and in 38 other countries, it added.
The transaction is expected to close during the third quarter of 2016.
Vogue's hair care products have gained popularity, helped by colourful packaging that makes them stand out in drugstore aisles.
The privately held company has focused on increasing its presence in drug stores and is spending more on buying shelf space than on consumer advertising.
Buyout firm Carlyle Group LP acquired a 49 per cent stake in the company in 2014. The transaction, slated to close in the third quarter, is not expected to have an impact on the company's 2016 sales or earnings forecasts.
