Johnson & Johnson said it would acquire Vogue International for $3.3 billion, adding brands such as OGX shampoos and FX hair styling products to its consumer portfolio that includes Neutrogena and Clean & Clear.
Vogue's hair care products have gained popularity, helped by colorful packaging that makes them stand out in drugstore aisles.
The privately held company has focused on increasing its presence in drug stores and is spending more on buying shelf space than on consumer advertising.
Buyout firm Carlyle Group LP acquired a 49 percent stake in the company in 2014.
Vogue's products are sold in the United States and in 38 other countries, Johnson & Johnson said in a statement on Thursday.
The transaction, slated to close in the third quarter, is not expected to have an impact on the company's 2016 sales or earnings forecasts.
Unilever NV, Henkel & Co. KgaA AG, L'Oréal SA and other companies had submitted first-round bids in an auction for Vogue, people familiar with the matter told Reuters in May.
(Reporting by Amrutha Penumudi in Bengaluru; Editing by Saumyadeb Chakrabarty)