McCormick (MKC) is combining its food business with Unilever's (UL), excluding the India operations. The deal values the combined company at $65.8 billion and adds brands like Hellmann's and Knorr to MKC's lineup. They secured $15.7 billion in bridge financing and will use cash and new debt to fund it. Management expects $600 million in annual cost savings, with a target closing date in mid-2027. Unilever's food division grew sales by 2.5% last year. They are dealing with industry headwinds like inflation and the impact of GLP-1 drugs on consumer habits. JPMorgan analysts are positive on the deal, estimating over 20% EPS accretion post-synergies. MKC has generally done well with past acquisitions like Frank's RedHot and Cholula.