This move follows HUL’s earlier board approval to spin off its ice cream segment into an independent listed entity, allowing shareholders to receive proportionate stakes in KWIL.
The acquisition will be executed through a share purchase agreement between Magnum HoldCo Netherlands B.V. and The Magnum Ice Cream Company B.V., covering the shares allotted to Unilever shareholders post-demerger. Additionally, Magnum HoldCo will launch an open offer for public shareholders of KWIL, in line with SEBI regulations, once the entity is listed on the stock exchange.
The committee overseeing the transition noted that the ice cream segment—featuring well-known brands like Kwality Wall’s, Cornetto, and Magnum—operates under a distinct business model, requiring dedicated cold chain infrastructure and specialised distribution channels, which differ significantly from the rest of HUL’s operations.
This restructuring is part of the broader Growth Action Plan (GAP) outlined by parent company Unilever, aimed at sharpening focus on core business units. In March 2024, Unilever announced plans to separate its global ice cream operations into a standalone company, with the process expected to conclude by Q4 2025.
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