P&G Acquires The Gillette Company.

The Procter & Gamble Company announced it has signed a deal to acquire 100% of The Gillette Company.

Gillette, founded in 1901 and headquartered in Boston, Mass., markets a number of category-leading consumer products such as Gillette(R) razors and blades including the Mach3 and Venus brands, Duracell CopperTop batteries, Oral-B manual and power toothbrushes, and Braun shavers and small appliances. The transaction is valued at approximately $57 billion (USD) making it the largest acquisition in P&G history.

“This combination of two best-in-class consumer products companies, at a time when they are both operating from a position of strength, is a unique opportunity,” said A.G. Lafley, chairman, president and chief executive of Procter & Gamble. “Gillette and P&G have similar cultures and complementary core strengths in branding, innovation, scale and go-to-market capabilities, making it a terrific fit. We are pleased James M. Kilts, Gillette’s chairman of the board, chief executive officer, and president will join P&G’s Board of Directors and serve as P&G vice chairman – Gillette,” Lafley continued.