Unilever has agreed to buy US-based men's grooming brand Dollar Shave Club in a deal that would expand the consumer goods group's catalogue of personal care products.
Financial terms of the deal were not disclosed.
However, Fortune reported citing sources that Unilever is paying $1 billion in cash for the Venice, California-based company.
Dollar Shave Club's turnover is expected to grow to over $200m in 2016 from $152m last year, according to a statement from Unilever.
Dollar Shave Club founder Michael Dublin will continue to be the chief executive of the company after the deal that is expected to close in the third quarter of 2016.
The Anglo-Dutch maker of personal care products such as Axe, Dove, and Pond's, is one of the biggest companies in its sector worldwide and competes with other giants like Procter & Gamble and Colgate-Palmolive.
In December, P&G-owned razor brand Gillette filed a patent infringement lawsuit against Dollar Shave.
