By Joe Hoppe

Unilever PLC said Thursday that it will sell its global tea business ekaterra to CVC Capital Partners Fund VIII for 4.5 billion euros ($5.09 billion) on a cash-free, debt-free basis.

The Anglo-Dutch consumer-goods group said that ekaterra--which has a portfolio of 34 brands, including Lipton, PG tips, Pukka, T2 and TAZO--generated revenue of around EUR2 billion in 2020.

The transaction is expected to be completed in the second half of 2022, subject to completion of works council consultation processes and the receipt of certain regulatory approvals.

The deal also excludes Unilever's tea business in India, Nepal and Indonesia, as well as its interests in the Pepsi Lipton ready-to-drink tea joint ventures and associated distribution businesses.

"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," Chief Executive Alan Jope said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

November 18, 2021 11:52 ET (16:52 GMT)

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