The US Department of Justice has given the go-ahead for Unilever (ULVR.L) to acquire Alberto Culver Company in a deal worth $3.7 billion.

The deal for the hair products company was first announced in September 2010  and will see Unilever acquire a number of well-known brands.
 
Paul Polman, chief executive of Unilever, said, 'This acquisition is a further step in Unilever's transformation.

'The deal enhances Unilever's presence in attractive, high-growth categories and brings a portfolio of desirable brands that are gaining share.

He added, 'It also gives Unilever the opportunity to use its scale, reach and technology to take Alberto Culver's brands to a new level in existing markets, and enables us to use our unparalleled presence in emerging markets to extend them further.'

However, under the agreement the Alberto VO5 brand in the United States must be divested from the Alberto Culver portfolio and the Rave brand from the Unilever portfolio. It will still be able to market the VO5 brand outside of the Unites States.