LONDON (dpa-AFX) - Consumer goods giant Unilever plc (UN, ULVR.L, UL) announced that it has agreed to sell its spreads business to U.S. private equity firm KKR (KKR.N) for 6.825 billion euros on a cash-free, debt-free basis.
The deal with Unilever is expected to close mid-2018, subject to regulatory approvals and employee consultations.
Unilever said it plans to return the net cash realised to shareholders, unless more value-creating acquisition alternatives arise.
Paul Polman, CEO of Unilever said 'The announcement today marks a further step in reshaping and sharpening our portfolio for long term growth. The consideration recognises the market leading brands and the improved momentum we have achieved. I am confident that under KKR's ownership, the Spreads business with its iconic brands will be able to fulfil its full potential as well as societal responsibilities.'
Copyright RTT News/dpa-AFX