Finance

Unilever sells tea division for €4.5 billion

The cleaning and food group announced this today. The tea division, with the official name ekaterra, includes brands such as Lipton, Pukka, T2 and Tazo. The 34 brands together generated a turnover of two billion euros last year.

Not the iced tea

The Indian, Nepalese and Indonesian tea activities are not included in the items for sale. Unilever’s partnerships in the field of ready-to-drink tea drinks are also excluded from the deal, such as the interest in the partnership with PepsiCo for Lipton iced tea.

Unilever launched ekaterra in mid-2020. Several companies expressed an interest in taking over the tea brands. Among them would be investors KKR, Cinven and Bain Capital, as well as Swiss owner of chocolate maker Barry Callebaut, Jacob Holdings.

Ekaterra has eleven factories on four continents. In addition, the company has its own tea plantations in three countries.

Regulators’ agreement

Unilever expects the sale to be completed in the second half of next year. Before that time, various regulators, among others, still have to give their approval.

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