GlaxoSmithKline PLC (LON:GSK) announced it is to sell its 5.7% stake in Hindustan Unilever Limited (HUL) for 254.8bn rupees, corresponding to US$3.35bn.
The pharma giant acquired this holding in December 2018, when it sold its Indian Horlicks nutrition business to fellow FTSE 100 firm Unilever PLC (LON:ULVR).
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The deal involved payment in cash and shares in Unilever’s Indian subsidiary, HUL.
The transaction between GSK and Unilever, initially agreed for £3.1bn, was completed last month at £3.4bn as HUL’s share price has been rising.
Shares in GSK were flat at 1,702p on Thursday in early trades.