March 31 (UPI) -- McCormick entered into an agreement to purchase the food portion of Unilever for a cash and equity deal that values the company at $45 billion.
McCormick will pay $15.7 billion in cash. Unilever's shareholders will own 55.1% of the combined company, while the Unilever company will own 9.9%, "underscoring its support and confidence in the strategic merits, integration plan and execution of the combined company," a press release said.
Unilever's foods include Hellman's, Knorr and Marmite, which will add to the spice giant's already robust portfolio.
Unilever will benefit from focusing its company on its personal care products. The company spun off its ice cream business in December, which is now the Magnum Ice Cream Company. Ben & Jerry's ice cream was part of that spinoff, after ongoing tensions with the original founders and their activism.
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