Procter & Gamble Co., has announced the largest acquisition in its history, agreeing to buy Gillette Co. for about $57 billion in stock and cash. The joint company will have a total of 21 brands adding Gilette’s best-selling men’s Mach3 razors and Duracell batteries to P&G’s Tide laundry detergent, Crest toothpaste and Pantene shampoo. The acquisition by far surpasses P&G’s recent purchases of Wella and Clairol to boost its shampoo business.

P&G will pay 0.975 of its shares for each outstanding share of Gillette valuing Gillette shares at $53.94 and P&G’s stock at the closing price of $55.32 in 4 p.m. composite trading on the New York Stock Exchange Thursday. The offer represents a 17.6% premium over Gillette’s closing price of $45.85.

This is not the first merger attempt between the two companies. Over five years ago, the then P&G CEO Durk Jager approached Gillette secretly but the offer was turned down as unfriendly.

As the two companies have few overlapping products, the deal is expected to face no opposition from regulators. Procter and Gamble is going to broaden its assortment of beauty and grooming products significantly, winning more clout with media and advertisers.