(Alliance News) - Private equity firm Advent International and Singapore-based sovereign wealth fund Government Investment Corp are in talks over a joint bid for Unilever PLC's tea brands including PG Tips and Lipton, Sky News reported on Monday.
If both firms confirm the bid, they would be going up against rival bids, including a combined offer from Cinven and the Abu Dhabi Investment Authority, as well as interest from other private equity firms, including KKR & Co Inc and Carlyle.
In January 2020, Unilever had initiated a strategic review of the tea business, and Sky News noted that a disposal is unlikely to be completed until 2022. The auction does not include Unilever's tea operations in India or Indonesia, as the assets in the ready-to-drink tea segment.
https://news.sky.com/story/advent-and-singapore-wealth-fund-brew-up-joint-4bn-bid-for-unilever-tea-arm-12407106
Shares in Unilever closed up 1.0% at 3,998.76 pence on Monday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Unilever (ULVR)