The maker of Axe Body Spray and Dove soap is adding a new brand to its arsenal.
Unilever (UL) has agreed to buy Dollar Shave Club, according to a news release.
Terms of the deal were not disclosed. However, a source confirmed to CNNMoney that the price is close to $1 billion. The value was first reported by Fortune.
Michael Dubin, Dollar Shave Club’s founder, will continue to serve as its CEO. Dubin said the company had “long admired Unilever’s purpose-driven business leadership and its category expertise is unmatched.”
“We are excited to be part of the family,” Dubin said.
Dollar Shave Club is a subscription service in which members receive razor blades through the mail. The company also sells toiletry products such as shave butter, post shave cream and face moisturizer.
