Consumer product giant Unilever has completed its takeover of Alberto Culver on May 10, 201, for $3.7 billion.

Alberto Culver Company manufactures, distributes and markets leading beauty care and other personal care brands including TRESemmé, Alberto VO5, Nexxus, St. Ives, Simple and Noxzema in the U.S. and internationally.

Unilever has agreed to part with its two brands to conform to the directions of the United States Department of Justice (DOJ). It has agreed to sell off the Alberto VO5 brand in the United States and to fully shed its own “Rave” hair products. The DOJ had issued this prerequisite for the buyout in order to reduce competition in the US hair care market.

The buyout will add brands like TRESemme and Nexxus, plus Alberto VO5, which Unilever will own the rights to sell outside of the US.

Upon owning Alberto, Unilever becomes the world’s leading company in hair conditioning, the second largest in shampoo and the third largest in styling.

According to Unilever’s management, the deal gives it the opportunity to exploit its scale, reach and technology to take Alberto Culver’s brands to a new level, and enables it to find a wider market with the help of Unilever’s unparalleled presence. This buyout will also help the company to move out of Western Europe where the retail giant was not performing well for some time.

Although it doubles the company’s market share in hair care both in the UK and the U.S., Unilever would remain behind L’Oréal and Procter & Gamble Co. in the U.S. hair care market. Analysts feel that this deal comes at a very sensitive time for Procter & Gamble’s Pantene, as it is more probable for women to switch over to cheaper brands like Sauve and TRESemme in the aftermath of the recession.