Mumbai: Hindustan Unilever, India's biggest pure-play consumer goods firm said it will merge GlaxoSmithKline Consumer including the popular Horlicks and other brands. HUL will get to acquire GSK Consumer’s Horlicks and other brands for as much as EUR 3.3 billion.
The merger includes the totality of operations within GSK Consumer Healthcare India Ltd, including a consignment selling contract to distribute GSK Consumer’s over-the-counter and oral health products in India, the company said in a statement.
Unilever said the 3.3 billion euros ($3.75 billion) it was paying would be paid in cash and shares in its subsidiary in India, Hindustan Unilever Limited (HUL). GSK Consumer Healthcare and HUL have agreed to a share exchange ratio of 4.39 shares of HUL for every one share of GSK Consumer India, the two companies said in separate filings with the stock exchanges.