Unilever said on Tuesday it will merge its food business with spice maker McCormick in the second-largest ​food transaction in history, a deal that will create a company worth roughly $65 billion.

Hellmann’s owner Unilever is spinning off its food business and merging it with spice maker McCormick to create a grocery staples behemoth.

Under the terms of the deal, Unilever and its shareholders are expected to own about 65% of the new, combined foods business.

Unilever has agreed ​to separate ‌its food unit, home to ​Knorr ​and Hellmann's, and ⁠merge it ​with spice ​maker McCormick in a cash-and-stock deal ​valuing ​the British firm's food ‌business ⁠at about $44.

McCormick’s stock surges amid talks to combine with Unilever’s foods business, but there’s no mention of the deal in the earnings report.

The two companies agreed to combine Unilever's food business with the spice maker to create a [$65 billion food giant](

Unilever is combining its food business with US spice and sauce maker McCormick in a landmark deal that brings together Hellmann’s mayonnaise and French’s mustard into one portfolio. The deal creates a food giant with a combined enterprise value of nearly $66bn and annual revenues of $20bn,

The spice maker will combine with Unilever’s food business, creating a new company with about $20 billion in revenue for fiscal year 2025.