British-Dutch consumer goods company Unilever has agreed to buy GlaxoSmithKline’s health food drinks portfolio, which includes Horlicks, in a deal worth €3.3bn (£2.9bn).
The deal is said to give Unilever a substantial presence on the growing Indian market – with GSK’s health food drinks portfolio covering India, Bangladesh and 20 other mainly Asian markets.
Unilever head of food and refreshment Nitin Paranjpe said in a statement: “We are delighted to be acquiring the GSK health food drinks portfolio.
“The iconic Horlicks brand has a deep heritage, credibility and resonance around the world.
“The acquisition is transformative for our foods and refreshment business allowing us to enter the health foods drinks category, further strengthening our position in health and wellness.
“It is rare to be able to acquire brands with such leading market positions and fantastic consumer equity in one of the world’s most exciting and fast-growing markets.”
GSK turned over approximately €550m (£490m) in 2018, mainly through sales of Horlicks and Boost.
Last month, Unilever scrapped plans to move its headquarters out of Britain,from London to Rotterdam in The Netherlands.