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05 December 2018, 04:26 | Rodolfo Wallace
Unilever invests in India with €3.3bn deal for GlaxoSmithKline's Horlicks
In India, the merger values GSK's subsidiary, GSK Consumer Healthcare (GSKCH) at Rs 31,700 crore, which is 7.5 times the turnover of the firm, making it the biggest deal in the consumer space yet. The deal is being touted as one of the country's largest in the consumer goods market.
The businesses being divested, which include health drinks Horlicks, Maltova and Boost, brought in a total of £406 million (₹36.4 billion) in sales in the nine months ended September 2018.
All-equity merger of HUL with the publicly-listed GSK CH India The merger of HUL with GSK CH India will be on the basis of an exchange ratio of 4.39 HUL shares for each GSK CH India share.
The transaction is an all-equity merger with 4.39 shares of HUL being allotted for every share in GSKCH India, which sells consumer healthcare products, including popular drink brand Horlicks.
The deal comprises three major transactions-an all-stock acquisition of GSK Consumer Healthcare India (GSK CH India), an all-cash acquisition of GSK Bangladesh, and the acquisition of other commercial operations and assets outside India. "The turnover of our food and refreshment business will exceed Rs10000 crore and we will become one of the largest F&R businesses in the country". Sanjiv Mehta, chairman and CEO, HUL, said: "It will add huge amount of lustre to the great brands we already have in our portfolio".
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GSK has reiterated that India will remain a priority market and that it will continue to invest in growth opportunities in its OTC and oral healthcare brands such as Crocin, Eno, Iodex and Sensodyne.
Unilever said the move was in line with is strategy of increasing its presence in health food categories and high-growth emerging markets. This transaction values the total business at Rs 317 bn. Shares in Hindustan Unilever rose 4.1 percent on Monday to a record, while GlaxoSmithKline Consumer Healthcare Ltd. added 2.8 percent to its highest level since September 21.
Unilever expects to achieve substantial synergies.
"There may be significant redundancies in the areas of marketing and distribution due to this merger", remarked Arvind Singhal, CMD, Technopak Advisors.
Where relevant, these actions are subject to the appropriate consultations and approvals. They are not historical facts, nor are they guarantees of future performance. These forward-looking statements speak only as of the date of this announcement.
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