Unilever Has Sold Its Spreads Business

By Exploringlife [CC BY-SA 4.0] via Wikimedia Commons

The Shares of Unilever finished 1.3 percent higher after it announced that it had finally sold the company’s global spreads business for €6.8bn (£5.1bn).

The company said that it had agreed to a deal with KKR to purchase the business, which includes I Can’t Believe It’s Not Butter, Stork, and Flora.

KKR are believed to have beat Apollo Global and CVC Capital Partners to acquire the business, which has been on the block for a few months.

“In April of this year we set out our 2020 programme to accelerate sustainable value creation,” stated Unilever’s chief executive, Paul Polman.

“After a long history in Unilever, we decided that the future of the spreads business would lie outside the group.

“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.”