Henkel to Acquire Olaplex
Henkel to Acquire Olaplex at $2.06 a share, creating a 55% premium that frames arbitrage and shareholder positioning ahead of an H2 2026 close.
KEY TAKEAWAYS
- Henkel will pay $2.06 per share in cash, valuing Olaplex at about $1.4 billion.
- Deal represents a 55% premium to the March 25, 2026 close and 45% to 30-day VWAP.
- Olaplex board and majority holder approvals remove the need for a stockholder vote; close expected in H2 2026.
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Henkel AG & Co. KGaA said in a press release on March 26, 2026, that it will acquire Olaplex Holdings, Inc. (OLPX) under a definitive cash agreement approved by Olaplex’s board and majority shareholder. The deal, expected to close in the second half of 2026, will expand Henkel’s premium hair-care portfolio.
Deal Terms and Approvals
Henkel will pay $2.06 per share in cash, valuing Olaplex at about $1.4 billion. This represents a 55% premium to Olaplex’s closing price on March 25, 2026, and a 45% premium to its 30-day volume-weighted average price ending that date. The merger agreement was unanimously approved by Olaplex’s board, and Advent International, which controls roughly 75% of Olaplex’s voting power, provided written consent, eliminating the need for a stockholder vote.
The transaction requires antitrust and regulatory approvals, including review under the Hart-Scott-Rodino Act in the U.S. and clearances in Germany, Australia, and the U.K. The agreement sets an outside date of March 31, 2027, extendable to September 30, 2027. It also includes a $40.44 million termination fee payable by Olaplex under specified conditions.
After closing, Olaplex will become a wholly owned subsidiary of Henkel and will be delisted from Nasdaq. The companies said the deal combines Olaplex’s premium brand with Henkel’s global reach and resources to accelerate innovation and international growth. Olaplex reported about €370 million in sales for fiscal 2025 and had previously guided for fiscal 2026 revenue ranging from a 2% decline to a 3% increase.
Henkel CEO Carsten Knobel said, "This transaction allows us to expand our presence in premium hair care."
