Adia subsidiary to sell 10% of Galderma: An Abu Dhabi Investment Authority (Adia) subsidiary, alongside EQT-led Sunshine SwissCo, and Singapore’s Auba Investment will sell a 10% stake in Swiss skincare company Galderma to French L’Oréal for an undisclosed sum, according to a press release(pdf). Analysts peg the value of the stake at EUR 1.7 bn or USD 1.85 bn based on its CHF 66.96 closing price on Friday, the Financial Times reports.

Current ownership: The exact size of Adia’s stake in Galderma following the sale is unclear, but the consortium collectively owned 77.21% of the company before the stake sale, according to the SIX Swiss Exchange.

Background: In 2019, a consortium of Adia, Swedish private equity company EQT, and Singapore’s GIC acquired Galderma — formerly Nestlé Skin Health — for CHF 10.2 bn (c.USD 11.9 bn) from Nestlé. Initially established as a 50/50 JV between L’Oréal and Nestlé, L’Oréal sold off its 50% ownership stake in Galderma to Nestlé in 2014.

REMEMBER- Galderma went public on the SIX Swiss Exchange in March, raising CHF 2.3 bn (USD 2.6 bn) in an IPO that marked Switzerland’s biggest since 2017. The consortium remained a majority shareholder in Galderma following the market debut.

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