Unilever Plc, the owners of Lipton and PG Tips, has agreed to sell its global tea business, ekaterra, to CVC Capital Partners for €4.5 billion on a cash-free, debt-free basis.
This is according to a press release from Unilever titled, “Unilever to sell its Tea business, ekaterra, to CVC Capital Partners Fund VIII for €4.5 bn,” and published on its website.
Nairametrics reported earlier that Unilever Nigeria confirmed its intent to spin off its tea business into a separate legal entity. , a move that could potentially affect its top-line revenue. Hence this move is in line with its previously outline strategy.
Alan Jope, CEO of Unilever said, “The evolution of our portfolio into higher-growth spaces is an important part of our growth strategy for Unilever. Our decision to sell ekaterra demonstrates further progress in delivering against our plans.
“We are proud of the place that our Tea business has in our company’s history. We look forward to seeing ekaterra, with its strong brands and global footprint, prosper under CVC’s ownership. I would like to thank our Tea colleagues around the world for their passion and commitment to our Tea business and wish them well for the future.”
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