Havmor to sell its Ice-Cream Business to South Korea's LOTTE Confectionery
Promoters of Havmor Ice Cream Ltd. (HIL) have agreed to a 100% acquisition by LOTTE Confectionery which is worth US$80 Billon
After the acquisition of Havmor, India’s fastest growing ice cream brand, LOTTE Confectionery will start its ice cream business in the Indian market that boasts a population of approximately 1.3 billion customers.
LOTTE Confectionery has decided to acquire 100% of shares of HIL, one of India’s biggest ice cream brands in India, during its Board of Directors meeting held on the 23rd of November. The transaction is to acquire 100% share purchase, and the purchase price is INR 1020 crores. The Share Purchase Agreement has been executed in the afternoon of 23rd November.
Speaking on the developments Pradeep Chona, Chairman & Ankit Chona, Managing Director said “This decision was a very difficult one to make. It’s a brand that we have nurtured with our team for over 73 years. But we believe that LOTTE Confectionery is the right brand to take the company to the next level.”
LOTTE Confectionery plans to expand its market power from the northwest region to all across India with this entry into the Indian ice-cream market.
Havmor will continue to operate its signature chain of restaurants and eateries across Gujarat as well as it’s signature brand and concept café – Huber & Holly.
Havmor worked with it’s sole financial advisors – KPMG, alongside Veritas Legal and Dhruva Tax consultants on the deal.
LOTTE Confectionery has decided to acquire 100% of shares of HIL, one of India’s biggest ice cream brands in India, during its Board of Directors meeting held on the 23rd of November. The transaction is to acquire 100% share purchase, and the purchase price is INR 1020 crores. The Share Purchase Agreement has been executed in the afternoon of 23rd November.
Speaking on the developments Pradeep Chona, Chairman & Ankit Chona, Managing Director said “This decision was a very difficult one to make. It’s a brand that we have nurtured with our team for over 73 years. But we believe that LOTTE Confectionery is the right brand to take the company to the next level.”
LOTTE Confectionery plans to expand its market power from the northwest region to all across India with this entry into the Indian ice-cream market.
Havmor will continue to operate its signature chain of restaurants and eateries across Gujarat as well as it’s signature brand and concept café – Huber & Holly.
Havmor worked with it’s sole financial advisors – KPMG, alongside Veritas Legal and Dhruva Tax consultants on the deal.
