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In November 2 0 2 1 , European consumer goods group Unilever announced that it had sold its tea business, ekaterra, to private equity firm

In November 2021, European consumer goods group Unilever announced that it had sold its tea business, ekaterra, to private equity firm CVC Partners for 4.5 billion. According to Unilever, ekaterra is the worlds leading Tea business, with a portfolio of 34 brands including Lipton, PG tips, Pukka, T2 and TAZO. The business generated revenues of around 2 billion in 2020. The CEO of Unilever said The evolution of our portfolio into higher growth spaces is an important part of our growth strategy for Unilever. Our decision to sell ekaterra demonstrates further progress in delivering against our plans.
According to an industry report, The deal also highlights the continuing flow of company carve-outs in Europe, as well as the rise of investor activism on the continent as hedge funds push for disposals and break-ups at large, established companies in order to extract value.
True or False: The Unilever CEOs statement and the industry report imply that Unilevers ownership of ekaterra produced negative synergies.

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