GlaxoSmithKline (GSK) PLC has announced that it would divest Horlicks and other nutritional healthcare brands to Unilever PLC while also merging GSK Consumer Healthcare Limited to Hindustan Unilever Limited (HUL).
The divesture has been done for a total consideration value of approximately £3.1 billion while the net proceeds are estimated to be approximately £2.4 billion, GSK said in a press release.
GSK also noted that the proceeds obtained via this move would be used to enahance the Group’s strategic priorities while also reducing debt.
The release further said that GSK intends to sell down its holding in HUL following this transaction which is expected to be completed by the end of 2019.
Furthermore, it is expected that GSK would sell its 82 percent stake in GSK Bangladesh (Ltd.) and other related brand rights to Unilever, for which it is expected to receive cash proceeds equivalent to £566 million.
A Thai woman walking topless in Arugam Bay town has been arrested by the Police.
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