Updated from Sunday, Sept. 26

MELROSE PARK, Ill. ( TheStreet) -- Unilever PLC ( UL agreed to buy Alberto Culver ( ACV for $3.7 billion.Unilever, in a statement to the London Stock Exchange, said the acquisition of Alberto Culver, which makes the TRESemme, VO5 and Simple beauty products, complements its Dove, Pond's and Vaseline products.

Alberto Culver's 12-month sales ended in June were $1.6 billion; its market capitalization is about $3.1 billion.

Unilever said the acquisition makes it the world's No. 1 company in hair conditioning, the second largest in shampoo and the third largest in styling, and raises its hair care presence in the U.S., Canada, the U.K., Mexico and Australasia.

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