Unilever Has Begun To Sell It’s Tea Business Worth $5.6-Bn
- ByAyushi Ray | August 5, 2021
Unilever has begun to sell it’s tea business worth $5.6-bn. The UK-listed consumer group has reached out to potential suitors and is expecting first-round bids around September,as per close source. However, at this point, there is no certainty that they will go on with the sale, as matters are yet to be fixed. . Unilever might also go for an initial public offering of the tea business, or get a suitable partnership deal, the company said in a first-half results statement in July. The sale, however, does not include Unilever’s tea units in India and Indonesia or its partnerships in the ready-to-drink tea market. The rest of the business could draw offers from private equity firms.
Unilever said in January 2020 that it will soon begin with an assessment of it’s huge tea business which will probably result in a sale partially or completely . Recently more and more people have started to replace their coffee with artisan coffee, and Unilever wants to keep up with this change of taste of their customers so as not to lose on revenue. The company later moved to scale back the scope of the tea sale and retain operations in emerging markets. The tea business has drawn interest in the past from buyout firms such as Advent International, Bain Capital, Blackstone Group Inc., Cinven and KKR & Co., Bloomberg News reported previously.
Follow Startup Story
Related Posts
