Unilever (UL) Stock Surging on Dollar Shave Club Acquisition

Unilever (UL) stock is increasing after the company acquired Dollar Shave Club in a reported $1 billion cash deal.
By Annie Palmer ,

NEW YORK (TheStreet) -- Shares of Unilever (UL) - Get Report are up by 0.30% to $47.12 in mid-morning trading on Wednesday, after the London-based consumer goods company announced it will be purchasing Dollar Shave Club in a deal worth a reported $1 billion in cash, Fortune reports.

Unilever is reportedly the one that approached the Santa Monica-based company, which ships out disposable razors to service subscribers for a flat monthly fee, about a deal. Michael Dubin, Dollar Shave Club's CEO, will continue to lead the company.

"We plan to leverage the global strength of Unilever to support Dollar Shave Club in achieving its full potential in terms of offering and reach," Unilever North America President Kees Kruythoff said in a statement.

Dollar Shave Club was recently valued at $615 million in a $75 million funding round led by Technology Crossover Ventures, MarketWatch reports. 

UL data by YCharts

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