The Water&Light Diaper Co. has been purchased by Amazon for around $US5 billion.
The sale, first reported by Business Insider, is expected to close in the second half of this year, with the purchase price set to be disclosed in the third quarter of next year.
While it will be a huge step forward for the water and beauty company, Amazon has yet to announce the final sale price.
Amazon’s deal is the biggest in Australia to date.
Earlier this month, the company also acquired a brand new, $US1 billion factory in China, where it will begin making its own plastic and fabric, and a $US40 billion manufacturing facility in the United States.
Water &Light has been one of the country’s largest companies since its launch in 1987, with more than 20,000 employees.
It has also developed a number of products including diapers, wipes, sanitary napkins, soap and shampoo, and even the world’s first water bottle.
Its brands include the Water &Light Diapers and Water &Lime, which have long been staples in the Australian market.