LONDON— Unilever PLC has agreed to sell the bulk of its tea business to CVC Capital Partners for €4.5 billion, equivalent to more than $5 billion, the consumer-product giant’s latest move to jettison slower-growing parts of its business.
Unilever is currently the world’s largest tea maker, with brands including Lipton, Brooke Bond and PG Tips brands. However, the London-based company said in January 2020 that it was exploring a possible sale of the business after struggling for years to boost growth as consumers in developed markets such as the U.S. and Europe increasingly favored coffee and other drinks over black tea.
