Johnson & Johnson has beaten strong competition from rival cosmetics firms Henkel, Unilever and L’Oréal to acquire Vogue International in a bid to bolster its consumer business, the smallest of its three divisions. The deal is expected to close in the third quarter of the year, subject to regulatory approval.

J&J bid US$3.3 billion for the OGX Shampoo manufacturer, according to a report published by Reuters, well above the company’s initial valuation of US$2.5 to US$3 billion.

Analysts suggest that this could be the first of a series of acquisitions for J&J, who has been quiet on the M&A front since its 2012 purchase of Synthes Inc. At the start of the year, CEO Alex Gorsky revealed that the company had US$18 billion in cash available to spend and was eyeing potential targets.

“Our acquisition of Vogue International’s full line of leading advanced hair care products sold in the US and in 38 countries will strengthen our global presence in this important category,” Jorge Mesquita, Head of J&J’s Consumer Products Division told The Financial Times.