Spice giant McCormick announced on Tuesday that it will buy Unilever’s food division in a deal that values Unilever at $45 billion.

Unilever Foods’ portfolio includes Hellmann’s mayonnaise products, Knorr, French’s yellow mustard, Old Bay seasoning and Cholula hot sauce, according to CNBC.

McCormick will pay $15.7 billion in cash, and Unilever and its stockholders will own 65% percent of the combined companies, the news outlet reported.

The transaction excludes Unilever’s food business in India, Nepal and Portugal, according to The Associated Press.

The deal is expected to be structured as a reverse Morris trust, which offers tax benefits, The Wall Street Journal reported.

In a statement, McCormick CEO Brendan Foley said that the deal “accelerates McCormick’s strategy and reinforces our continued focus on flavor.”

According to the AP, Foley added that McCormick has “long admired” Unilever’s foods business, which has a “portfolio that complements our existing business, capabilities and long-term vision.”

The deal will add billions of dollars in annual sales for McCormick, CNBC reported. The transaction will also expand the company’s portfolio further into spreads and condiments. McCormick already owns Frank’s RedHot and Cholula hot sauces.

By jettisoning much of its food business, Unilever can concentrate of its personal care portfolio, according to CNBC. In December, the company broke off its ice cream business, which is now trading separately as Magnum Ice Cream Company.

Meanwhile, McCormick’s market value was slightly more than $14 billion as of Monday, according to The Wall Street Journal.

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