Unilever sells STATUS
Unilever announced today that it has entered into a binding agreement to sell STATUS, the male deodorants brand, to Tiger Brands for an undisclosed amount. The deal is in response to the South African Competition Authorities’ requirement to divest of the STATUS brand in South Africa, which Unilever acquired as part of the Sara Lee personal care portfolio.
In a separate deal, Unilever has also entered into a binding agreement to acquire Tiger Brands’Mousson foam bath and lotion personal care brand, alsofor an undisclosed amount.
Both transactions are subject to regulatory approval and are expected to be completed in third Quarter 2011.
Gary McGaghey, VP Finance, Unilever South Africa, explains: “STATUS has been managed since its acquisition in terms of the stringent guidelines as set down by the Competition Authorities under the watchful eye of an independent Trustee. The disposal process was also planned and executed, with the assistance of KPMG – our transaction and legal advisors – to ensure that our obligations in terms of theCompetition Authorities’ requirements were met”.
Both transactions include the trademarks, intellectual property, stock and formulations only.
