The deal comes more than a year after the London- and Rotterdam-based seller announced plans to unload businesses with more than €2 billion ($3.14 billion) in combined sales. Including last week's agreement to sell its Bertolli oil and vinegar businesses to Madrid's Grupo Cuértara SA for €630 million, Unilever is about three-quarters of the way through its current disposal program.
In Monday's deal, Unilever will sell its Snuggle fabric softener brand as well as the Wisk, Surf and Sunlight laundry detergents brands in the U.S., Canada and Puerto Rico. The transaction covers brands that generated $1 billion in 2007 sales and includes a Unilever factory in Baltimore.
Vestar will pay Unilever $1.075 billion in cash and $375 million in preferred shares in a company the firm will create through merging the Unilever assets with a portfolio company. The agreement follows a competitive auction. See the full story on
TheDeal.com for the details. -
Renee CordesSee
Dealwatch: Unilever for more
