Unilever has finalized a $66 billion deal to sell its food business to McCormick, creating a combined entity with $20 billion in annual revenues. The cash-and-stock transaction, structured as a Reverse Morris Trust, allows Unilever to minimize tax liabilities. Shareholders will own 65% of the new company, while McCormick's investors control the remaining 35%. Unilever will also receive $15.7 billion in cash from the deal. This sale marks the most significant step in Unilever's decade-long retreat from the food sector, following previous divestitures including its spreads unit to KKR for $7 billion and its tea business to CVC for $4.5 billion. The move aligns with CEO Fernando Fernandez's strategy to sharpen focus on faster-growing beauty and personal care brands.