Unilever agrees to buy GSK business in India

Associated Press

LONDON (AP) — Unilever has agreed to buy GlaxoSmithKline's health food drinks business in India and Bangladesh, including popular Horlicks brand products, for 3.3 billion euros ($3.8 billion).

The purchase expands the company's footprint in rapidly growing emerging markets.

Unilever says the deal includes the merger of its local unit with GSK Consumer Healthcare India and the purchase of GSK Bangladesh Ltd. The takeover is expected to be completed within 12 months.

Nitin Paranjpe, president of Unilever's food and refreshment unit, says the transaction will give the company brands with "leading market positions ... in one of the world's most exciting and fast-growing markets."

GSK CEO Emma Walmsley says proceeds will be used to support the group's strategic priorities, "including investing in our pharmaceutical business."