Unilever closer to completing Alberto Culver acquisition

MELROSE PARK, Ill. — Alberto Culver, whose beauty brands include TreSemme, Alberto VO5, Nexxus, St. Ives, Simple and Noxzema, has announced that Unilever and the U.S. Department of Justice have reached an agreement that will enable Unilever to complete its proposed acquisition of Alberto Culver.

Under the terms of the agreement, Unilever will divest the Alberto VO5 brand in the United States from the Alberto Culver portfolio and the Rave brand from the Unilever portfolio. Subject to customary closing conditions, the acquisition is expected to close on or about May 10, 2011.

The Alberto Culver transaction remains subject to regulatory approval in the United Kingdom, Argentina, Honduras, El Salvador and the Isle of Jersey.

In September, Alberto Culver entered into an agreement with Unilever whereby Unilever will acquire all of the outstanding shares of Alberto Culver for $37.50 per share in cash. In December, Alberto Culver stockholders approved the transaction.