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    • Kraft Heinz to Sell...

    Kraft Heinz to Sell Indian Brands Complan, Glucon-D, Nycil and Sampriti to Zydus Wellness Limited

    Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 2018-10-25T10:01:06+05:30  |  Updated On 13 Aug 2021 3:03 PM IST
    New Delhi: The Kraft Heinz Company announced that it has entered into a definitive agreement to sell Indian brands Complan, Glucon-D, Nycil and Sampriti to Zydus Cadila at a valuation of approximately INR 46 billion (approximately USD$625 million) on a debt free and cash free basis. The transaction is expected to close in early 2019, subject to regulatory approvals of the Competition Commission of India and other customary closing conditions.

    "The sale of this niche business fits into our overall global growth strategy and our focus on investing in and growing brands within our core categories," said Bernardo Hees, Chief Executive Officer of Kraft Heinz. "India continues to be a key market for Kraft Heinz, and in fact, we're strengthening our commitment to expand and grow our Heinz sauces and Kraft business in India."

    At current FX rates, this business generates approximately USD$150 million (INR 11.50 billion) in Net Sales and approximately USD$30 million (INR 2.25 billion) in Adjusted EBITDA. The sale is not expected to have a material impact on Kraft Heinz's annual financial results.

    Under the terms of the agreement, Kraft Heinz will sell to Zydus Wellness Limited (jointly with Cadila Healthcare Limited), 100% of its equity shares in Heinz India Private Limited, which is comprised of Complan, Glucon-D, Nycil and Sampriti brands, and two manufacturing facilities, with approximately 900 employees associated with these brands and operations.

    J.P. Morgan Securities LLC served as an exclusive financial advisor to Kraft Heinz for this transaction, while India-based Cyril Amarchand Mangaldas and global law firm Gibson, Dunn & Crutcher served as legal advisors for Kraft Heinz.
    Bernardo HeesCadila HealthcareCCICompetition Commission of IndiaComplanGlucon-DJ.P. MorganKraft HeinzNycilSampritiZydus CadilaZydus Wellness
    Source : Self

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    Medical Dialogues Bureau
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