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...Unilever is engaged in the supply of consumer goods in foods, household care and personal products. Co.'s activities are carried out through four categories: Personal Care, sales of skin care and hair care products, deodorants and oral care products; Home Care, sales of home care products, such as powders, liquids and capsules, soap bars and a range of cleaning products; Foods, sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads; and Refreshment, sales of ice cream and tea-based beverages. Co.'s products are sold in over 190 countries around the world.
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