Huel Acquired by Danone — Consumer M&A

Danone has completed the acquisition of Huel, a fitness wellness business in the UK, for $1.1B. Huel makes meal replacement protein shakes and low-calorie nutrition products for health-conscious consumers, including commuters and busy millennials, with an omnichannel direct-to-consumer and retail presence. Danone acquisitions add Activia yoghurt and Evian water scale to a growing portfolio of convenient, complete nutrition, supporting Danone’s consumer M&A strategy in healthier alternatives. The strategic acquisition is announced as a merger acquisition with an expected close in 2026, and Huel CEO James McMaster is set to remain in charge while founders and early backers including Idris Elba monetize their stakes.