P&G Terminates Acquirement of Razor Startup Billie Following FTC Lawsuit
Procter & Gamble will not acquire women’s beauty products startup Billie, as previously planned, following action taken by the U.S. Federal Trade Commission to stop the deal from proceeding. In December, the FTC sued to block P&G’s acquisition of the New York-based startup Billie, a maker of women’s razors and other beauty products, on the grounds that the merger would eliminate competition in the wet shave razor market.
Today, P&G and Billie issued a joint statement, expressing their regret over the FTC’s decision to attempt to block their merger, which led to the deal’s termination:
We were disappointed by the FTC’s decision and maintain there was exciting potential in combining Billie with P&G to better serve more consumers around the world. However, after due consideration, we have mutually agreed that it is in both companies’ best interests not to engage in a prolonged legal challenge, but instead to terminate our agreement and refocus our resources on other business priorities.
