M&A

M&A

Magnum to acquire 62% of Kwality Wall's India, make open offer

Stock Exchange Announcement   CNBC TV18  

Unilever Group promoted Magnum Ice Cream Company is to acquire a 61.9% stake in Kwality Wall’s (India) Ltd (KWIL), a subsidiary of publicly listed Hindustan Unilever Ltd (HUL).This move follows HUL’s plan to spin off its ice cream segment - featuring well-known brands like Kwality Wall’s, Cornetto, and Magnum - into an independent listed entity, allowing shareholders to receive proportionate stakes in KWIL. The acquisition will be executed through a share purchase agreement between Magnum HoldCo Netherlands B.V. and The Magnum Ice Cream Company B.V., covering the shares allotted to Unilever shareholders post-demerger. Additionally, Magnum HoldCo will launch an open offer for public shareholders of KWIL, in line with SEBI regulations, once the entity is listed on the stock exchange.The spin-off aligns with Unilever’s global plan, recognising the ice cream segment’s need for a separate cold chain and distribution model.