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Business Updates

Magnum Ice Cream to acquire 61.9% stake in Kwality Wall’s India from Unilever

The Magnum Ice Cream Company, expected to operate independently from 1 July 2025.

FoodTechBiz Desk

The Magnum Ice Cream Company HoldCo 1 Netherlands B.V. (“Magnum HoldCo”) has entered into a definitive agreement to acquire 61.9% of Kwality Wall’s (India) Limited (“KWIL”) from the Unilever Group. This follows Unilever’s previously announced decision to separate its global ice cream business into an independent, stand-alone entity.

On 19 March 2024, Unilever PLC (“Unilever”) announced its intention to demerge its global ice cream operations, forming a new company – The Magnum Ice Cream Company. The separation is expected to be completed in the fourth quarter of 2025, through listings in Amsterdam, London, and New York, the same exchanges on which Unilever shares currently trade. The new business will be incorporated in the Netherlands and headquartered in Amsterdam.

In India, the ice cream business is operated by Hindustan Unilever Limited (“HUL”) (NSE: HINDUNILVR; BSE: 500696). On 22 January 2025, HUL announced its decision to demerge its ice cream business into an independent, listed entity – Kwality Wall’s (India) Limited (“KWIL”) – pursuant to a Scheme of Arrangement under the Indian Companies Act, 2013. Upon completion of the demerger, shareholders of HUL will receive one share of KWIL for every share of HUL held, and KWIL shares will be listed on the NSE and BSE.

Following the demerger, the Unilever Group is expected to hold 61.9% of KWIL’s issued and paid-up share capital. Under the recently signed Share Purchase Agreement (SPA), Magnum HoldCo has agreed to acquire the Unilever Group’s entire stake in KWIL.

The completion of this acquisition is subject to:

  • Successful completion of the India Demerger and listing of KWIL shares;

  • Receipt of all necessary regulatory and statutory approvals;

  • Magnum HoldCo making an open offer to KWIL’s public shareholders in accordance with the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

Unilever’s Full-Year 2025 Outlook

Unilever has reaffirmed that the demerger of its ice cream business remains on track for completion in the fourth quarter of 2025, with the new business, The Magnum Ice Cream Company, expected to operate independently from 1 July 2025. From the fourth quarter, the ice cream business will be reported as a discontinued operation.

Ahead of the demerger, The Magnum Ice Cream Company will host a Capital Markets Day on 9 September 2025, providing further details about its operations, growth strategy, and financial outlook.

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