Hindustan Unilever Limited (HUL) announced on June 25, 2025, that its promoter, Unilever PLC, and The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (TMICC HoldCo) have entered into a Share Purchase Agreement (SPA).
The SPA facilitates TMICC HoldCo's acquisition of the entire 61.9% equity shareholding in Kwality Wall’s (India) Limited (KWIL) that will be held by Unilever Group Shareholders.
This transfer will occur upon the effectiveness of the scheme of arrangement for the demerger of HUL's ice cream business into KWIL, a scheme approved by HUL's Board on January 22, 2025.
Neither HUL nor KWIL is a party to this SPA.
Completion of the acquisition is contingent on:
Successful demerger of KWIL from HUL and subsequent listing of KWIL shares.
Receipt of all necessary statutory and other approvals.
Magnum HoldCo making an open offer to the public shareholders of KWIL in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
Upon completion, KWIL will be controlled by and become a subsidiary of TMICC HoldCo, which is part of 'The Magnum Ice Cream Company', Unilever's global ice cream business being separated and listed by the fourth quarter of 2025.
Unilever PLC has also committed to facilitate a license for KWIL's use of India Ice Cream Intellectual Property Rights (India IPRs) on substantially similar commercial terms until at least February 1, 2028.