UN Unilever NV

Anglo-Dutch consumer goods giant Unilever PLC (UN, UL) said Monday it is selling its Italian frozen food business to Permira's Birds Eye Iglo for EUR805 million.

The deal comprises a factory in Cisterna, Italy, which produces the brands 4 Salti in Padella, Sofficini, Capitan Findus and That's Amore. A total of 650 factory and head office staff will transfer as part of the deal.

"With this deal, Unilever is now in a stronger position to focus on its core categories outside frozen foods and to achieve long-term growth in the Italian market," said James Hill, Chairman of Unilever Italy.

The business generated sales of EUR462 million in 2009.

The deal reunites the Italian frozen food business with the rest of Bird's Eye, which Permira bought from Unilever four years ago for EUR1.7 billion. The Italian operations were the only part that Unilever held on to at the time.

Lion Capital's Findus Group was reported to have been in the running before losing out to Permira, while rival private equity firm BC Partners also showed an interest. PAI Partners and Carlyle Group withdrew from the auction at the beginning of the month.

Unilever was advised on the deal by Goldman Sachs (GS).

At 0825 GMT, Unilever shares were up 0.4% or 7 pence at 1889p in a lightly lower London market. They've risen nearly 25% in the past year.

-By Michael Carolan, Dow Jones Newswires; 44-20-7842-9278; michael.carolan@dowjones.com

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