Linklaters leads on Unilever’s demerger of The Magnum Ice Cream Company and its stock exchange listings in Amsterdam, London and New York
Linklaters has advised Unilever PLC (Unilever) and The Magnum Ice Cream Company N.V. (TMICC) on the creation of TMICC, its separation and demerger from Unilever and its listings on the Amsterdam, London and New York stock exchanges.
In one of the largest and most complex global carve-outs in recent years, Linklaters advised on the project from conception to completion, including on strategic options for the business, executing the legal and operational separation of the ice cream business in over 80 countries, and running the demerger and listing process across Amsterdam, London and New York.
The firm was the sole legal advisor on the listing of TMICC on all three stock exchanges, running a tripartite process with the Dutch Authority for Financial Markets (AFM), the UK Financial Conduct Authority (FCA), and the United States Securities and Exchange Commission (SEC) and delivering an innovative structure that will see TMICC’s ordinary shares trading on the New York Stock Exchange.
This follows a number of high-profile roles for Linklaters on Unilever’s other global carve-outs, including advising on the €4.5bn sale of its tea business to CVC Capital Partners and on the US$7bn carve-out sale of its global spreads business to KKR.
The Linklaters team, spanning 24 offices,18 countries, and 14 practices, was led by London Corporate Partners Charlie Turner and Michael Fanner, Dutch Corporate Partners Guido Portier and Alexander Harmse, US Corporate Partners Mike Bienenfeld and Igor Rogovoy, and Tax Partners Chris Smale and Michelle Lo.
Charlie Turner, Corporate Partner at Linklaters, said:
“The depth and breadth of our global teams enabled us to deliver on one of the largest and most complex carve-outs in recent years, as well as advising on all three listings for the demerger. Our team showed great agility in navigating the complexity of the separation and competing requirements of three regulatory regimes as well as helping Unilever and The Magnum Ice Cream Company navigate the US government shutdown. Congratulations to both Unilever and The Magnum Ice Cream Company on this incredible transaction.”
