economy
McCormick buys Unilever's food business in deal that values it at nearly $45 billion
McCormick will pay a combination of cash and equity to expand further into condiments and spreads.
TL;DR
- McCormick is buying Unilever's food business for nearly $45 billion in cash and equity.
- The deal includes brands like Hellmann's and Marmite, expanding McCormick's offerings in spreads and condiments.
- Unilever is divesting its food business to concentrate on its personal-care segment.
- The merger is projected to close by mid-2027, pending regulatory and shareholder approval.
- McCormick will maintain its global headquarters in Hunt Valley, Maryland, and establish an international headquarters in the Netherlands.
- Investor reaction was mixed, with shares of both companies falling initially due to concerns about deal value and execution risk.