Hindustan Unilever Limited (HUL) divested its 50% shareholding in the Kimberly-Clark Lever Private Limited (KCL) joint venture (JV) in favor of its partner Kimberly-Clark Lever (KCL). The JV was formed in 1995 for the sale of baby and child care and feminine care products in India under the brands Huggies and Kotex respectively.
Vaish Associates advised HUL for the share purchase agreement (SPA). “HUL has divested its entire stake in KCL as part of a strategy to exit non-core businesses and to focus on core business,” said associate partner Krishna Kishore who led the deal for the firm.
Vaish Associates advised HUL on all aspects relating to the share sale, which involved drafting, negotiating, finalizing of definitive agreements, transition services and distributorship agreement and the warehouse sub-lease agreement.
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“Consequent to divestment of the entire stake, the existing shareholders’ agreement between HUL and KCL got terminated.”
Partners Bomi Daruwala and Martand P Singh and associate Saras Muzumdar also worked on the deal. Gibson, Dunn & Crutcher’s Singapore team advised KCC, which consisted of partner Jai S. Pathak and associate attorney Karthik Ashwin Thiagarajan.
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