McCormick to Acquire Unilever Foods in $44.8B Deal

On Mar 31, 2026

London-based Unilever PLC, which has its North American headquarters in Hoboken, and McCormick & Company, Inc. have entered into an agreement to combine Unilever’s foods business with McCormick. The transaction, valued at $44.8 billion, brings together two industry-leading foods companies and iconic brands – including McCormick, Knorr and Hellmann’s, as well as high growth potential brands including Cholula, Maille and Frank’s – for a global portfolio with revenues of $20 billion, based on fiscal year 2025 data.

After the sale is completed, Unilever will solely operate across beauty, wellbeing, personal care and home care sectors.

In the transaction, Unilever and Unilever shareholders will receive a proportionate mix of McCormick’s existing voting and non-voting common stock, equating to 65.0% of the fully diluted combined company equity, equivalent to $29.1 billion based on the last 1-month volume-weighted average McCormick share price of $57.84. Unilever will also receive $15.7 billion in cash, subject to certain closing adjustments, that will offset one-off separation and tax costs; pay down debt to its current level of c.2.0x net debt to EBITDA following closing; and support €6 billion of share buy-backs expected to run between 2026 and 2029.

The transaction reflects an enterprise value of $44.8 billion for Unilever Foods, equivalent to an EV/Sales ratio of 3.6x and a 13.8x EV/EBITDA multiple based on the last 1-month volume-weighted average McCormick share price of $57.84 which is in line with the current trading multiple for Unilever, and in line with the most attractive foods company valuations.

McCormick will retain its existing name, its Hunt Valley, Maryland global headquarters, and NYSE listing. It will also establish international headquarters in the Netherlands, where Unilever has its world-leading R&D capability.

The acquisition is expected to be completed by mid-2027, subject to McCormick shareholder approval, receipt of required regulatory approvals and the satisfaction of other customary closing conditions. The combined company expects to realize approximately $600 million of annual run rate cost synergies net of growth reinvestments; with full value expected to be achieved at the end of three years. Incremental cost and revenue synergies of $100 million will be reinvested to further drive growth.

Brendan Foley will be the chairman, president and chief executive officer of McCormick, and Marcos Gabriel will be the executive vice president and chief financial officer. Executives from both McCormick and Unilever Foods will serve in key leadership roles. Upon closing, Unilever will appoint four of the twelve members of the combined company Board of Directors.

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