May 6, 2020 / 1:18 PM / 19 days ago

GSK selling $3.45 bln stake in Hindustan Unilever -source

May 6 (Reuters) - GlaxoSmithKline is selling $3.45 billion worth of shares in Unilever’s Indian business on the open market, one of the bookrunners organising the transaction told Reuters.

The 5.7% stake in Hindustan Unilever, now put on the market, was accepted by GSK as payment for the sale of malted drink brand Horlicks and other nutrition brands to Unilever, agreed in late 2018.

GSK declined to comment.

IFR earlier reported the transaction. (Reporting by Anshuman Daga, Scott Murdoch and Sumeet Chatterjee;Writing by Ludwig Burger;Editing by Elaine Hardcastle)

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