By Michael Susin

Unilever said it agreed to acquire the premium haircare brand K18, without disclosing financial details.

The Anglo-Dutch consumer goods company--which houses Ben & Jerry's ice cream and Dove soap among its brands--said Friday that the acquisition makes part of its strategy of portfolio optimisation toward higher growth areas.

The deal is expected to complete in the first quarter of 2024.

Unilever said that K18 is a brand that sits at the intersection of beauty and biotechnology, and has a range of products which helps to identify and address the causes of hair damage.

The product is mainly sold in North America, U.K. and Australia, it added.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

December 22, 2023 03:34 ET (08:34 GMT)

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