Shareholders of GlaxoSmithKline Consumer Healthcare Ltd., a unit of U.K. pharmaceuticals company GlaxoSmithKline PLC, have approved the proposed €3.3 billion sale of the business to Hindustan Unilever Ltd., the Indian listed subsidiary of The Unilever Group.
On Dec. 3, 2018, Unilever, whose listed entities are Unilever NV and Unilever PLC, agreed to acquire GSK's health food drinks portfolio, collectively called GSK Consumer Healthcare, after GSK put the business up for sale as part of a strategic review.
The consumer health unit offers a range of food and drinks brands, including malted milk drink Horlicks.
In a June 1 filing to the Bombay Stock Exchange and the National Stock Exchange of India, GSK Consumer Healthcare said the majority of its shareholders approved the proposed sale to Hindustan Unilever. The approval comes over four months after the Competition Commission of India greenlighted the deal.
The transaction comprises an all-equity merger of Hindustan Unilever and GSK Consumer Healthcare, as well as the acquisition of an 82% stake in GSK Bangladesh Ltd. and other commercial operations and assets outside India.
The deal is still subject to approval by Hindustan Unilever shareholders. The companies initially scheduled the completion of the deal to take place within 12 months from December 2018.