The acquisition has been completed through a combination of primary infusion and secondary acquisition for a total cash consideration of Rs 2,706.44 crore
After securing the approval from the Competition Commission of India (CCI), Hindustan Unilever (HUL), a fast-moving consumer goods (FMCG) major, has completed the acquisition of 90.5 per cent shareholding of Uprising Science, which deals in the haircare and skincare products segment under the brand name Minimalist.
The acquisition has been completed through a combination of primary infusion and secondary acquisition for a total cash consideration of Rs 2,706.44 crore, in accordance with the terms and conditions of the Share Purchase and Subscription Agreement (SPSA), it informed in an exchange filing.
“The Company is acquiring 90.5 per cent shareholding in Uprising, with eventual acquisition of the remaining 9.5 per cent shareholding of Uprising in about two years from the completion date as per the terms set out in the SPSA,” HUL stated in an exchange filing dated 22 January 2025.
The company had said that the acquisition is another step in the transformation journey of the its beauty and wellbeing portfolio towards evolving and higher growth demand spaces. The turnover of Uprising for the financial year 2024 (FY23-24) stood at Rs 347 crore, an increase from FY23’s Rs 184 crore, as stated by HUL.
“With HUL’s robust offline distribution network, we look forward to making our products even more accessible across the country. This partnership also paves the way for our expansion into international markets helping us realise our dream of taking Minimalist to the world,” stated Mohit Yadav and Rahul Yadav, Founders of Minimalist, in an earlier exchange filing of HUL.
HUL highlighted that post the acquisition, Uprising and its subsidiaries have become subsidiaries of the company.
