Unilever to buy Glaxo’s Horlicks unit for $3.8bn
The acquisition will help the consumer goods group cement its position in India, where it hopes to revitalise the health-drinks market
London — Unilever is to buy GlaxoSmithKline’s Horlicks nutrition business for $3.8bn, boosting the Anglo-Dutch group’s position in India by adding the popular malted drink. The deal, announced on Monday, increases the consumer goods company's footprint in one the world's fastest-growing economies and marks a notable addition to the portfolio by outgoing CEO Paul Polman, who steps down in January. Even though many of Unilever's recent acquisitions have focused on beauty and personal care products, buying Horlicks is a rare opportunity for Unilever to increase its scale in India, particularly in food and drinks. For GSK boss Emma Walmsley, it is a chance to further streamline operations and generate cash for increased investment in pharmaceuticals. The sale follows a competitive auction in which Unilever saw off rival Nestle, as well as earlier interest from Coca-Cola. The transaction covers GSK's health food and drinks portfolio in India, Bangladesh and 20 other predominantly Asian m...
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