British consumer goods conglomerate Unilever said on Thursday that it has agreed to sell its global tea business, including brands Lipton and PG Tips, for 4.5 billion euros ($5.1 billion).
The sale to private equity group CVC Capital Partners comes as Unilever seeks higher growth opportunities elsewhere, chief executive Alan Jope said in a statement.
The company has widespread operations in Turkey, but has faced criticism and fines from the Turkish government over competition abuse.
In a move to make the company more environmentally friendly, Unilever announced two years ago that it would slash its use of new plastic by half before 2025. It is unclear if the sell changes this goal.
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