(Il Sole 24 Ore Radiocor) - Milano, 31 mar - Unilever has agreed to combine its food business with spice maker McCormick to create a company with 20 billion dollars in revenues, the two companies said.

Under the deal, Unilever and its shareholders are expected to receive 65.0% of the fully diluted combined-company outstanding equity.

Unilever will also receive 15.7 billion dollars in cash, implying an enterprise value (EV) for Unilever Foods of around 44.8 billion and and EV for McCormick of some 21.0 billion.

When the transaction is closed, Unilever shareholders will own 55.1%, McCormick shareholders will own 35.0% and Unilever is expected to own 9.9% of the fully diluted.

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(RADIOCOR) 31-03-26 16:28:06 (0600) 5 NNNN