Private equity firm CVC Capital Partners is reportedly close to buying Unilever’s tea business, which includes the Lipton and PG Tips brands.
According to Bloomberg, CVC has reached an agreement with the consumer goods giant after beating out rival private equity bidders including Advent International. Sources told Bloomberg the deal is set to value the business at around €4.5bn.
It was understood the sale could be announced in the coming days.
Unilever announced a strategic review of its global tea business in January last year, saying it was considering options including a spinoff and partial or full sale.
