Unilever has agreed to sell its Foods business to McCormick & Company for a total value of $44.8bn. This will see Unilever receive $15.7bn in cash, and $29.1bn worth of McCormick shares, the majority of which will end up in the hands of Unilever shareholders.
Unilever intends to use the cash to pay down its debt levels and support €6.0bn worth of share buybacks between 2026-29.
The deal is expected to complete by mid-2027, subject to McCormick shareholder and regulatory approvals.
The shares fell around 5.2% after the announcement.
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