L'Oreal Boosts Stake in Galderma
L'Oreal stake in Galderma rose as it bought a block from an EQT-led consortium, likely prompting investor scrutiny of approvals and board influence.
KEY TAKEAWAYS
- L'Oreal will raise its stake to 20.0% by buying about 24 million shares from an EQT-led consortium.
- The 24 million-share package was valued at about $4.9 billion based on Galderma's Dec. 5 close.
- Galderma may nominate two non-independent L'Oreal board candidates at its 2026 Annual General Meeting.
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L’Oréal Groupe said on Dec. 8, 2025, it will increase its stake in Galderma Group AG by acquiring an additional 10% from an EQT-led consortium. The transaction, subject to customary approvals, positions L’Oréal for greater board influence and potential joint research collaboration.
Deal Terms and Governance Changes
L’Oréal will raise its total shareholding in Galderma to 20% by purchasing about 24 million shares from Sunshine SwissCo GmbH, a vehicle for a consortium led by EQT that includes Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. EQT said an affiliate of its EQT VIII fund signed an agreement to sell the shares at an undisclosed premium. Based on Galderma’s closing price on Dec. 5, 2025, the package is valued at roughly $4.85 billion. The deal is expected to close in the first quarter of 2026.
Following the transaction, Galderma plans to nominate two non-independent board candidates from L’Oréal at its 2026 Annual General Meeting, replacing members representing the EQT-led consortium. This change reflects the shift in shareholder dynamics resulting from L’Oréal’s increased stake.
Strategic Collaboration and Growth Outlook
The expanded investment builds on L’Oréal’s initial stake acquired in August 2024, signaling deeper strategic alignment between the cosmetics group and the dermatology company. Galderma and L’Oréal intend to explore additional scientific research projects focused on skincare, skin health, innovation, and long-term growth.
Flemming Ørnskov, Galderma’s CEO, said the company continues to deliver “impressive growth, strong innovation and category leadership across its broad, science-based dermatology portfolio.” He highlighted Galderma’s progress in commercial execution, platform and portfolio expansion, and its consumer-focused approach to innovation as it advances its Integrated Dermatology Strategy into 2026.
