Latest News | Hindustan Unilever Gets CCI Nod to Acquire Minimalist in Rs 2,670 Cr Deal

New Delhi, Mar 17 (PTI) The Competition Commission of India (CCI) on Monday approved FMCG major Hindustan Unilever's proposal to acquire beauty and personal care brand Minimalist's parent company Uprising Science.

Jaipur-based Uprising Science is engaged in the manufacturing and sale of beauty and personal care products, baby care and hair care items under the brand name 'Minimalist'.

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"The proposed transaction involves the acquisition by Hindustan Unilever, of 90.5 per cent shareholding of Uprising Science Pvt Ltd (Target), with eventual acquisition of the remaining 9.5 per cent share holding of the target in about two years from the completion date as per the terms set out in the share purchase & subscription agreement executed by and between HUL and the target," CCI said in a release.

Hindustan Unilever Ltd (HUL), a leading FMCG player, owns more than 50 brands, including Lakme, Lux, Knorr, Kwality Wall's, and Surf Excel.

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"Commission approves acquisition of Uprising Science Private Limited by Hindustan Unilever Ltd," the CCI said.

In January, HUL announced that it has signed and executed share purchase and subscription agreement for acquisition of 90.5 per cent of shareholding of Uprising Science -- the firm behind Minimalist -- comprising secondary buyout for a cash consideration of Rs 2,670 crore at a pre-money enterprise valuation of Rs 2,955 crore.

The company will also make a primary infusion of Rs 45 crore with an eventual acquisition of the remaining 9.5 per cent of Uprising's shareholding.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)