Polman's Parting Gift: Unilever Pays Rich Price But Acquires GSK's Growing Consumer Assets in India
Unilever announced the acquisition of GSK's health food drinks portfolio for EUR 3.3 billion, payable primarily through its shares in its Indian subsidiary Hindustan Unilever, or HUL, as well as around EUR 470 million in cash. We think the deal is very rich, at a stated post synergy valuation of under 20 times EV/EBITDA, but the firm expects the acquisition to be accretive to ROIC by year 4. Separately, Unilever announced that CEO Paul Polman is retiring at the end of this year and will be repla...
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