HUL acquires majority stake in Minimalist parent co Uprising Science for Rs 2,706 crore
Hindustan Unilever Limited
(HUL), one of India's leading FMCG companies, announced on Monday the successful completion of its acquisition of a 90.5 per cent stake in
Uprising Science
at Rs 2,706.44 crore.
The acquisition was carried out through a combination of primary infusion and secondary share purchase, culminating in a total cash consideration of Rs 2,706,44,95,728, the company said in an exchange filing.
The transaction was made in accordance with the terms laid out in the Share Purchase and Subscription Agreement (SPSA), the company further said.
The FMCG major had sought clearance from Competition Commission of India to acquire the beauty and personal care brand in January 2025.
"The acquirer (HUL) proposes to acquire 90.5 per cent shareholding of the target (Uprising Science Pvt Ltd), with eventual acquisition of the remaining 9.5 per cent shareholding 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 the parties," a notice filed with the fair trade regulator CCI had said on January 29.
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'.
While both companies operate in overlapping segments, the transaction is unlikely to alter competitive dynamics significantly, HUL had earlier said. The companies have identified key markets relevant to the deal, including the manufacturing and sale of beauty and personal care, skincare, and haircare products in India, said an ET report.
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