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Unilever completes sale of spreads division to KKR

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Unilever completes sale of spreads division to KKR

Consumer goods giant Unilever PLC said July 2 that it completed the sale of its global spreads business to private equity firm KKR & Co.

Unilever struck the €6.83 billion deal in December 2017 for the unit — which includes the brands Flora, Country Crock and I Can't Believe It's Not Butter — after declaring its intention to sell earlier that year.

KKR's purchase excluded Unilever's spreads business in South Africa, which was part of a separate transaction made in September 2017 with South African investment holding company Remgro Ltd.

However, the July 2 statement also announced the completion of that deal, under which Unilever acquired Remgro's 25.75% stake in Unilever South Africa Holdings (Pty) Ltd. in exchange for the South African spreads business and a cash consideration of 4.9 billion rand.

As of July 2, US$1 was equivalent to 13.90 South African rand.