Unilever to Sell Lipton Tea Owner to CVC for $5.1 Billion (1)

Unilever Plc agreed to sell some of the world’s best-known tea brands, from Lipton to PG Tips, to buyout firm CVC Capital Partners in one of the year’s biggest carveouts by a European company.

The transaction values the business at 4.5 billion euros ($5.1 billion) on a cash-free, debt-free basis, Unilever said in a statement Thursday, confirming an earlier report by Bloomberg News. CVC has reached an agreement with Unilever after beating out rival private equity bidders including Advent International.

Alan Jope

Photographer: Bridget Bennett/Bloomberg

A sale of the tea business, called ekaterra, marks a much-needed win for Unilever Chief Executive Officer Alan ...