Unilever announced it has completed to acquire the Health Food Drinks portfolio (GSK HFD) of GlaxoSmithKline (GSK) in Bangladesh
Unilever on Tuesday announced its successful acquisition of 81.98% stake in GlaxoSmithKline (GSK) Bangladesh Ltd from Setfirst, making it the largest transaction in the history of capital market in Bangladesh.
This acquisition was announced on December 3, 2018 and was subject to obtaining necessary approvals, which have now been secured, says a press release.
Under the acquisition, Unilever got the ownership of GSK’s iconic Health Food & Drinks (HFD) portfolio brands including Horlicks, Boost, and Glaxose-D.
Unilever Overseas Holdings BV, a concern of Unilever, bought a total of 9,875,144 shares or 81.98% stakes in GSKBD on the block market at Dhaka Stock Exchange on Sunday.
General and institutional investors own the remaining 18.02% stake.
This deal is aligned with Unilever’s stated strategy of increasing its presence in health-food categories and in high-growth emerging markets.
This acquisition will bolster Unilever’s focus to build a profitable and sustainable Nutrition business in Bangladesh and support government’s national agenda to combat malnutrition in all its forms.
GlaxoSmithKline Consumer Healthcare Limited is the undisputed leader in the HFD category, with iconic brands such as Horlicks and Boost, and a product portfolio supported by strong nutritional claims.
Kedar Lele, CEO and managing director of Unilever Bangladesh, said: “We have successfully completed the acquisition of GSK Consumer Healthcare business in Bangladesh even amidst a global crisis. I like to thank GSKBD Board and all regulatory bodies who supported us in completing one of the biggest transactions in the history of Bangladesh.”