Unilever in the $44.8 billion combination of its Foods business with McCormick through a Reverse Morris Trust

On March 31, 2026, Unilever plc and McCormick & Company announced that they have entered into an agreement to combine Unilever’s Foods business with McCormick, creating a a scaled, global flavour powerhouse.

Under the terms of the transaction, Unilever and Unilever shareholders will receive a proportionate mix of McCormick’s existing voting and non-voting common stock, equating to 65.0% of the fully diluted combined company equity, equivalent to $29.1 billion, as well as $15.7 billion in cash, subject to certain closing adjustments.  This consideration implies an enterprise value for Unilever Foods of approximately $44.8 billion.

The transaction is expected to be structured as a tax efficient Reverse Morris Trust and, upon completion, would represent the largest cross border Reverse Morris Trust transaction ever completed, the second largest Reverse Morris Trust transaction over the past 20 years and one of the largest CPG transactions on record.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Unilever.