The deal would bring several iconic McCormick and Unilever brands, like Hellmann’s Mayo and Marmite, under the same roof|Mike Mozart|CC BY 2.0

Condiment giant McCormick has reached a final deal worth nearly $45 billion to acquire Unilever’s food division. 

The transaction involves $15.7 billion in cash, with Unilever shareholders set to own 55.1% of the combined entity. The deal brings several iconic brands, including Hellmann’s Mayo, Knorr, and Marmite, under the same roof.

Hellmann's and Knorr account for ~70% of Unilever’s food sales.

The divestiture allows Unilever to shift focus toward its faster-growing personal-care segment, following its previous spinoff of Magnum Ice Cream Co.

Notably, the merger excludes Unilever’s food operations in India. 

Shareholder and regulatory approval are pending, and if all goes well, the deal will close in mid-2027, according to the companies.

Record global dealmaking
The massive consolidation comes as global dealmaking reached a record $1.3 trillion in the first quarter. It is nearly a 20% increase compared to 2025.

However, since the attacks on Iran in late February, deal values have dipped roughly 15% compared to the same timeframe last year.