EQT sells Galderma stake to L’Oréal — c.24m shares agreed pending

EQT Group has reached an agreement to transfer a sizeable block of stock in dermatology specialist Galderma Group AG to cosmetics giant L’Oréal. The deal covers approximately 24 million shares in Galderma listed on the SIX exchange, with about 6 million shares coming directly from EQT’s position.

The transaction remains conditional on customary regulatory clearances in the relevant jurisdictions. EQT and L’Oréal have not disclosed the headline valuation or the premium attached to the sale; the parties described the transaction only in terms of share volumes and the allocation of the portion attributable to EQT.

For EQT, the divestment is a secondary share sale rather than a full exit of Galderma: it reduces the funds’ exposure while enabling a strategic buyer to increase its stake. The move follows a broader industry trend in which consumer beauty groups are consolidating scientific and medical‑grade skincare assets to capture higher-growth channels such as prescription dermatology and cosmeceuticals.

Global demand for medical and therapeutic skincare has been growing steadily, supported by ageing populations and rising acceptance of dermatologist‑led treatments. Major consumer groups have been active buyers in adjacent segments as they look to combine brand reach with clinical credibility. This transaction will likely accelerate L’Oréal’s footprint in medical skincare and position Galderma’s products for closer integration with L’Oréal’s global commercial network.

EQT Group is a large alternative asset manager; the firm reports substantial assets under management and has repeatedly used secondary sales to rebalance holdings in portfolio companies. By contrast, L’Oréal — already a leading name in consumer cosmetics — has been selective about acquiring stakes that add technical depth to its portfolio.