Slaughter and May is advising GlaxoSmithKline on the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever
Slaughter and May is advising GlaxoSmithKline plc (“GSK”) on the divestment of Horlicks and other consumer healthcare nutrition brands to Unilever plc and the merger of GSK Consumer Healthcare Limited (“GSK India”) with Hindustan Unilever Limited (“HUL”) for a total consideration valued at approximately £3.1 billion. The proposed transaction involves the merger of GSK India with HUL, each a public company listed on the National Stock Exchange and Bombay Stock Exchange, as well as the disposal of GSK’s 82% stake in GlaxoSmithKline Bangladesh Limited and other related brand rights in certain other territories.
Slaughter and May is supporting GSK’s in-house legal team, led by Antony Braithwaite, Katie Salmon and Baptiste Reynaud, and is working as an integrated team with AZB & Partners, advising on Indian law.
The divestment, which was announced on 3 December 2018, is subject to regulatory and other approvals and is expected to complete in Q4 2019.