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Unilever Sells South African Spreads Business

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Unilever Sells South African Spreads Business

Unilever Sells South African Spreads Business
September 28
10:08 2017

Unilever is acquiring Remgro’s 25.75% shareholding in Unilever South Africa Holdings in exchange for the Unilever Spreads business in Southern Africa as well as a cash consideration of ZAR4.9 billion (€312 million), representing a transaction value of ZAR11.9 billion. The deal values the Spreads business at ZAR7.0 billion, representing a 13.4 multiple of 2016 EBITDA.

Unilever Spreads business in South Africa, Botswana, Lesotho, Namibia and Swaziland has incorporates a portfolio of leading brands which include Rama, Stork, Flora and Rondo. Luc-Olivier Marquet, Executive Vice President of Unilever SA, says: “Unilever South Africa is a great business, well positioned for sustainable long-term growth. By giving us full ownership of the business, this transaction means we are better placed to accelerate that growth while the Spreads business moves on to Remgro where it augments their current portfolio and can be sure of a great future.”

The transaction is subject to customary regulatory approvals.

Meanwhile, Unilever has agreed to acquire Carver Korea, a leading skincare business in North Asia, for €2.27 billion, from Bain Capital Private Equity and Goldman Sachs. The deal will strengthen Unilever’s personal care portfolio and geographical reach.

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