Nov 18 (Reuters) – Unilever Plc (ULVR.L) has agreed to promote its worldwide tea enterprise to CVC Capital Companions for 4.5 billion euros ($5.1 billion), concluding a Method of reviewing and spinning off the division that took Greater than two years.
The enterprise being purchased, referred to as Ekaterra, hosts a portfolio of 34 tea manufacturers collectively with Lipton, PG Ideas, Pukka Herbs and TAZO and generated revenues Of two billion euros in 2020.
Unilever will, however, retain its India and Indonesia tea operations As properly as to its bottled tea Three technique partnership with PepsiCo (PEP.O).
Register now Freed from cost limitless entry to reuters.com
Ekaterra Shall be purchased to CVC’s Capital Fund VIII on a money and debt free basis in a course of That is anticipated to conclude Inside the second half Of two022, Unilever said in A press launch on Thursday afternoon.
The Monetary Occasions earlier reported on the sale.
“The evolution of our portfolio into extremeer progress areas Is An important An factor of our progress strategy for Unilever. Our choice to promote ekaterra demonstrates further progress in delivering in the direction of our plans,” Unilever’s CEO Alan Jope said.
The sale relieves Unilever of a enterprise that has …….