Magnum Ice Cream Company HoldCo 1 Netherlands B.V. has entered into an agreement to acquire a 61.9% stake in Kwality Wall’s (India) from the Unilever Group, according to a stock exchange filing by Hindustan Unilever (HUL).
On March 19, 2024, Unilever PLC (“Unilever” and, together with its group companies, the “Unilever Group”) announced its decision to separate its global ice cream business into a stand-alone business.
The separation of the global ice cream business is expected to be completed in the fourth quarter of 2025 and the new company is known as ‘The Magnum Ice Cream Company’. The Magnum Ice Cream Company will be separated by way of a demerger, through listing of the business in Amsterdam, London and New York, the same three exchanges on which Unilever PLC shares are currently traded.
In India, the Unilever Group carries out its ice cream business through its subsidiary, Hindustan Unilever. The Unilever Group holds 61.9% of the issued and paid-up share capital of HUL.
On January 22, 2025, HUL announced that it would demerge its ice cream business into an independent entity (i.e., Kwality Wall’s (India) pursuant to a scheme of arrangement in accordance with the provisions of the (Indian) Companies Act, 2013 (the “India Demerger”). On completion of the India Demerger, all equity shareholders of HUL will be issued shares of KWIL in the ratio of one KWIL share for each HUL share held at the record date, and these KWIL shares will be subsequently listed on the NSE and BSE.
As a result, the Unilever Group is expected to hold 61.9% of the issued and paid-up share capital of KWIL following completion of the India Demerger.
