Syneron Medical And Unilever Ventures To Form 'Iluminage Beauty' Joint Venture

(RTTNews) - Syneron Medical Ltd. (ELOS) and Unilever Ventures announced a definitive agreement to form a joint venture in home beauty devices: 'Iluminage Beauty'.

According to the company, the joint venture combines the global business and expertise of Syneron's aesthetic home-use subsidiary, Syneron Beauty Ltd., and Unilever's luxury beauty subsidiary, Iluminage Inc. The joint venture will leverage Unilever's global experience in the development and marketing of consumer beauty products and Syneron Medical's expertise in professional aesthetic device technology.

As per terms of the agreement, Unilever Ventures, the venture capital and private equity arm of Unilever, will invest $25 million and Unilever will also sell and transfer its luxury beauty subsidiary Iluminage to the joint venture, and Syneron Medical will sell and transfer its Syneron Beauty subsidiary and related home-use businesses to the joint venture, creating Iluminage Beauty. Unilever Ventures will hold 51% of Iluminage Beauty and Syneron Medical will retain the remaining 49%.

The companies expect the transaction to close before the end of the year, subject to customary closing conditions and regulatory approvals.