HUL gets CCI approval to acquire Minimalist in Rs 2,670 crore deal

The Competition Commission of India (CCI) on Monday approved FMCG major Hindustan Unilever's proposal to acquire beauty and personal care brand Minimalist's parent company Uprising Science. 

Jaipur-based Uprising Science is engaged in the manufacturing and sale of beauty and personal care products, baby care and hair care items under the brand name 'Minimalist'. 

"The proposed transaction involves the acquisition by Hindustan Unilever, of 90.5 per cent shareholding of Uprising Science Pvt Ltd (Target), with eventual acquisition of the remaining 9.5 per cent share holding of the target in about two years from the completion date as per the terms set out in the share purchase & subscription agreement executed by and between HUL and the target," CCI said in a release. 

Hindustan Unilever Ltd (HUL), a leading FMCG player, owns more than 50 brands, including Lakme, Lux, Knorr, Kwality Wall's, and Surf Excel. 

"Commission approves acquisition of Uprising Science Private Limited by Hindustan Unilever Ltd," the CCI said. 

In January, HUL announced that it has signed and executed share purchase and subscription agreement for acquisition of 90.5 per cent of shareholding of Uprising Science -- the firm behind Minimalist -- comprising secondary buyout for a cash consideration of Rs 2,670 crore at a pre-money enterprise valuation of Rs 2,955 crore. 

The company will also make a primary infusion of Rs 45 crore with an eventual acquisition of the remaining 9.5 per cent of Uprising's shareholding.