Mar. 31 at 2:37 PM
$MKC has entered into an agreement to combine w/
$UL Foods business in a deal valuing the Foods business at roughly
$44.8B & McCormick at about
$21B
Under the terms of the agreement & following deal close, Unilever & its shareholders are expected to receive shares equating to 65.0% of fully diluted combined-company outstanding equity, equivalent to
$29.1B based on McCormick's 1-month VWAP of
$57.84
Unilever will also receive
$15.7B - McCormick plans to cover the cash portion of the deal using a mix of existing cash & proceeds from new debt.
McCormick has received
$15.7B in committed bridge financing from
$C $GS &
$MS
Financial Advisors for McCormick: Citibank
Financial Advisors for Unilever: Goldman Sachs, Morgan Stanley, & JP Morgan