Unilever completes demerger of its Ice Cream business with PwC support
December 2025
Unilever PLC, the multinational consumer packaged goods company headquartered in London, has completed the successful demerger of its Global Ice Cream business which is now operating as a standalone company under the name The Magnum Ice Cream Company (TMICC). Shares in TMICC, which is incorporated in the Netherlands, were listed in Amsterdam, London and New York on 8 December 2025.
TMICC is the world's largest ice cream company and generated c.€8bn in turnover in 2024 under brands including Magnum, Cornetto, Heart and Ben & Jerrys.
PwC supported Unilever throughout this landmark separation, bringing together multidisciplinary expertise from across the firm to provide both operational separation and transaction related support. The project required complex planning and execution to deliver the transaction and carve out a global business of scale, ensuring operational continuity while enabling a clean, efficient transition to an independently listed company.
PwC provided comprehensive demerger support services, including operational carve out and stand up support, financial carve-out account preparation and support, tax support, structuring, capital markets support, legal support, valuations, programme management. Over 300 PwC professionals contributed to the project, working closely with Unilever’s programme team to deliver this landmark transaction.
“Congratulations to both Unilever and TMICC on this landmark demerger. We are incredibly proud to have supported Unilever tackle another transaction of such scale and complexity and wish them, and the newly form The Magnum Ice Cream Company team, every success.”
For more information, please contact Mark Hughes or Sarah O’Connell.
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