08:15 AM EDT, 03/31/2026 (MT Newswires) -- McCormick ( MKC ) has entered into an agreement to combine with Unilever's ( UL ) Foods business in a deal valuing the Foods business at roughly $44.8 billion and McCormick ( MKC ) at about $21.0 billion, the companies said Tuesday.

Under the terms of the agreement and following deal close, Unilever ( UL ) and its shareholders are expected to receive shares equating to 65.0% of fully diluted combined-company outstanding equity, equivalent to $29.1 billion based on McCormick's ( MKC ) one-month volume-weighted average price of $57.84, the companies said.

Unilever ( UL ) will also receive $15.7 billion in cash, subject to certain closing adjustments, according to the companies.