Unilever to acquire GSK health food portfolio for Rs 31,700 cr
AngloDutch FMCG giant Unilever Monday said it will acquire health food and drinks portfolio of GlaxoSmithKline GSK in India and over 20 other markets...
New Delhi: Anglo-Dutch FMCG giant Unilever Monday said it will acquire health food and drinks portfolio of GlaxoSmithKline (GSK) in India and over 20 other markets predominantly in Asia for a consideration of 3.1 billion pound.
As part of the transaction, Unilever's Indian arm, Hindustan Unilever Ltd (HUL) will acquire GlaxoSmithKline Consumer Healthcare Ltd (GSK CH India) via an all-equity merger, valuing the total business of the latter at Rs 31,700 crore. GSK CH India is the market leader in the health food drinks (HFD) category, with popular brands such as Horlicks and Boost.
Announcing the deal that also covers "Bangladesh and 20 other predominantly Asian markets", Unilever said the transaction consists of an all-equity merger of HUL with the publicly-listed GSK Consumer Healthcare India and acquisition of 82 per cent stake in GSK Bangladesh Ltd. It also includes acquisition of certain other commercial operations and assets outside India, it added. HUL said its board has given nod for the all-equity merger of GSK CH India, under which with 4.39 shares of HUL will be allotted for every share in GSK CH India.