Hindustan Unilever’s acquisition of beauty brand Minimalist gets CCI nod

Consumer goods major Hindustan Unilever Ltd’s (HUL) proposal to acquire beauty and personal care brand Minimalist’s parent company Uprising Science has got the approval from the Competition Commission of India (CCI).

Earlier this year, HUL had picked up a 90.5 percent stake in Minimalist in a deal that values Minimalist at a pre-money enterprise value of Rs 2,955 crore ($341.3 million).

It plans to acquire the remaining 9.5 percent stake in the business from its founding brothers Mohit and Rahul Yadav in the coming two years.

Deals beyond a certain threshold require approval from CCI, the official regulator which keeps a tab on unfair business practices and promotes fair competition in the country.

“Commission approves acquisition of Uprising Science Private Limited by Hindustan Unilever Ltd. The proposed transaction involves the acquisition by Hindustan Unilever, of 90.5 percent shareholding of Uprising Science Pvt Ltd, with the eventual acquisition of the remaining 9.5 percent shareholding in about two years from the completion date as per the terms set out in the share purchase & subscription agreement,” CCI said in a press release.

Founded in 2018 by Mohit and Rahul Yadav, Minimalist offers skincare, haircare, and body care products.