Unilever announced that it has completed the sale of its Tea business, ekaterra, to the CVC Capital Partners Fund VIII.

Unilever and CVC had entered into an agreement for the sale of ekaterra in November 2021, for €4.5 billion on a cash-free, debt-free basis; expecting to close in H2 2022.

The completed transaction excludes Unilever’s Tea business in India, Nepal and Indonesia as well as Unilever’s interests in the Pepsi Lipton ready-to-drink Tea joint ventures and associated distribution businesses.