McCormick Buys Unilever’s Food Arm in $44.8 Billion Deal

The combined company will bring together brands including Hellmann’s, Knorr, French’s, Old Bay, and Cholula under the McCormick name.

The logo of Unilever at the headquarters in Rotterdam, Netherlands, on Aug. 21, 2018. Piroschka van de Wouw/Reuters

McCormick will merge with Unilever’s food business to create a new food giant valued at about $65 billion, the companies said on March 31.

Under the terms of the deal, McCormick will acquire Unilever Foods for $44.8 billion, with a mix of cash and equity. The transaction would combine Unilever’s stable of food brands, including Hellmann’s and Knorr, with McCormick’s roughly $20 billion business, whose portfolio includes French’s mustard, Old Bay seasoning, and Cholula hot sauce.