FMCG major Hindustan Unilever Limited (HUL) announced that it has successfully completed the acquisition of a 90.5 per cent stake in Uprising Science at Rs 2,706.44 crore. Uprising Science is the parent company of D2C personal care brand Minimalist. In a regulatory filing, HUL said, “…it is now informed that the Company has completed the acquisition of 90.5 per cent shareholding of Uprising and through a combination of primary infusion and secondary acquisition for a total cash consideration of INR 2,706,44,95,728 (Indian Rupees Two Thousand Seven Hundred and Six Crores Forty Four Lakhs Ninety Five Thousand Seven Hundred and Twenty Eight only), in accordance with the terms and conditions of the SPSA.”
The acquisition was carried out through a combination of primary infusion and secondary share purchase.
With this, Uprising Science and its subsidiaries have now become subsidiaries of HUL, it informed the exchanges.
The acquisition reached completion a month after the Competition Commission of India (CCI) approved HUL’s proposal to acquire a majority stake in the brand.
Minimalist’s existing offline distribution network includes Nykaa’s offline stores, Apollo Pharmacy, general beauty trade outlets, and independent pharmacy stores. It had ventured into offline sales in 2022, two years after launching as a digital-first brand. With HUL’s extensive global network, Minimalist aims to strengthen its standing in existing international markets while exploring new ones.