Linklaters scoops headline role on Unilever's €8bn ice cream spin-off

Linklaters has advised on one of standout mandates of the year, acting for Unilever on the spin-off and stock market listings of its global ice cream arm - The Magnum Ice Cream Company - across Amsterdam, London and New York.

The ice cream business includes global brands Ben & Jerry’s, Magnum and Cornetto.

The demerger is one of the largest and most complex carve-outs in recent years, involving operational separation in more than 80 countries and a tripartite listing process with the Dutch Authority for Financial Markets (AFM), the Financial Conduct Authority (FCA), and the Securities and Exchange Commission (SEC) in the US.

Linklaters handled the entire separation and listings piece, delivering what the firm said was an "innovative structure" that sees the company's ordinary shares admitted to trading on the New York Stock Exchange.

The company's primary listing is in Amsterdam where its shares debuted on Monday (8 December) at an €8 billion valuation. A&O Shearman acted for the banks on the listing - Morgan Stanley and JPMorgan - advising on English, Dutch and US law aspects.

A heavyweight mandate for a longstanding client

Unilever is one of Linklaters’ closest institutional clients. The firm advised on Unilever’s defence against the $145 billion takeover attempt by Kraft Heinz in 2017, a deal that would have been one of the biggest takeovers in history.

Linklaters has also acted on the group’s other major carve-outs, including the €4.5 billion sale of its tea business to CVC in 2021 and the $7 billion spreads business sale to KKR in 2017.

Charlie Turner, the Linklaters corporate partner who co-led the project, said the transaction underscored the strength of the firm’s global bench:

"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." He noted that the deal had been complicated by the US government shutdown, which ended in November, becoming the longest shutdown in American history at 43 days.

Deal pressure builds across consumer goods

The separation reflects a broader trend across consumer goods where groups are trimming legacy portfolios and creating cleaner, more focused business lines. Reckitt Benckiser recently agreed to sell its homecare division, with Slaughter and May and Kirkland & Ellis advising on US private equity firm Advent’s $4.8 billion acquisition.

Advising

The Linklaters team spanned 24 offices, 18 countries and 14 practices, 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.