Swiss firms Bär & Karrer, Niederer Kraft Frey and Homburger were called in to advise on L’Oréal’s acquisition of an additional 10% stake in Swiss dermatology firm Galderma Group, doubling the French cosmetics giant’s stake to 20%.
Bär & Karrer is representing L’Oréal as it buys the stake from a consortium led by Swedish private equity firm EQT, which also includes the Abu Dhabi Investment Authority and Auba Investment. Homburger is representing EQT, while Niederer Kraft Frey is representing Galderma with Ropes & Gray providing additional antitrust counsel.
Financial terms were not disclosed. The deal is due to close in the first quarter of 2026.
Bär & Karrer’s team was led by partners Mariel Hoch, Dieter Dubs and Mani Reinert, while Homburger’s team was led by partners Frank Gerhard and Margrit Marti alongside Stefan Oesterheld and Richard Stäuber.
Galderma was originally set up as a joint venture between Swiss consumer goods giant Nestlé and L’Oréal before the cosmetics company sold its 50% stake in 2014. L’Oréal bought back into the company last year with a 10% stake. L’Oréal’s increased investment is part of a strategy to tap into the booming market for injectable cosmetics like lip filler and anti-wrinkle treatments.
Nicolas Hieronimus, L’Oréal’s chief executive officer, said: “Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment made in 2024 in Galderma has proven very successful and therefore we are eager to solidify and extend the partnership further.”
Galderma CEO Flemming Ørnskov added: “We are pleased with L’Oréal’s increased investment, which affirms our direction and the meaningful value creation we expect in the years ahead.”
The companies said that L’Oréal does not plan to further increase its stake.
In connection with the increased investment, Galderma’s board of directors will nominate two non-independent board candidates from L’Oréal at the company’s next annual general meeting in 2026, replacing the consortium led by EQT.
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