Korean food and beverage major $80 billion LOTTE Confectionery has agreed to acquire homegrown Gujarat-based Havmor Ice Cream Ltd. (HIL) for Rs. 1,020 crore.
LOTTE Confectionery has decided to acquire 100 per cent of HIL’s shares, one of India’s biggest ice cream brands in India, during its Board of Directors meeting held on November 23, said a company statement adding that the Share Purchase Agreement has been executed.
Commenting on the deal, Pradeep Chona, Chairman, Havmor Ice Cream 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.”
Havmor will continue to operate its signature chain of restaurants and eateries across Gujarat as well as its signature brand and concept café — Huber & Holly.
Havmor worked with its sole financial advisors — KPMG, alongside Veritas Legal and Dhruva Tax consultants on the deal.
