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Unilever to sell its Tea business

To CVC Capital Partners Fund VIII for €4.5bn

Unilever announced that it has entered into an agreement to sell its global Tea business, ekaterra, to CVC Capital Partners Fund VIII for €4.5 billion on a cash-free, debt-free basis.

ekaterra is the world's leading Tea business, with a portfolio of 34 brands including Lipton, PG tips, Pukka, T2 and Tazo (acquired in 2017 from Starbuck's). The business generated revenues of around €2 billion in 2020.

Completion of the transaction is subject to completion of works council consultation processes and the receipt of certain regulatory approvals. Completion is expected in the second half of 2022. The transaction perimeter excludes Unilever's Tea business in India, Nepal and Indonesia as well as Unilever's interests in the Pepsi Lipton ready-to-drink Tea joint ventures and associated distribution businesses.

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EFA News - European Food Agency