Unilever NV/PLC has reached an agreement to sell most of its European frozen foods businesses to Permira Advisors LLP for 1.73 billion euros (roughly US $2.21 billion).
According to chief executive Patrick Cescau, Unilever was selling the businesses to the private equity firm so it can concentrate on other products in its portfolio.
Based both in Amsterdam and London, Unilever placed the unit, which includes the Birds Eye and Iglo brands, up for sale in February 2006. Contained in the transaction are frozen foods operations in the Netherlands, France, Great Britain, Austria, Belgium, Germany, Ireland, and Portugal.
Unilever will keep its ice cream operations that include Ben & Jerry's, as well as its frozen foods business in Italy.