Unilever PLC announced Tuesday night it is buying Dollar Shave Club LLC, reportedly for $1 billion. Dollar Shave, a direct-to-consumer discount retailer, has 3.2 million members and is on track to post $200 million in sales this year. The Southern California company was valued at about $539 million last fall, after a $160 million funding round. Terms of the acquisition were not announced, but Fortune reported Unilever will pay $1 billion in cash. In a statement, Unilever said it plans to use its global reach to bolster the "innovative and disruptive" company and reach its loyal customers. Dollar Shave CEO Michael Dubin will keep his position. The deal, assuming it passes regulatory approval, it expected to close in the third quarter.
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