LONDON (Reuters) – Unilever (ULVR.L) (UNc.AS) has agreed to sell its slow-growing Italian frozen foods unit Findus to Birds Eye Iglo, which belongs to private equity group Permira, for 805 million euros ($1.05 billion).
The disposal of Unilever’s last remaining frozen foods business in Europe reunites it with Birds Eye Igloo which the consumer goods giant sold in 2006 for 1.73 billion euros.
Unilever said in a statement on Monday that about 650 factory and head office staff at Findus, which had sales of 462 million euros in 2009, would transfer to the new owner.
Reuters had reported last week that Permira was neck and neck with Lion Capital in the race to buy Findus, ahead of BC Partners.
(Reporting by Paul Hoskins; editing by Simon Meads)