January 3, 2013 – Unilever today announced that it has signed a definitive agreement for the sale of its global Skippy business to Hormel Foods for a total cash consideration of approximately $700 million. Cravath, Swaine & Moore LLP represented Unilever in connection with this transaction.
The transaction includes Unilever's Skippy manufacturing facilities in Little Rock, Ark., and Weifang, China (located in the Shandong province). The transaction, subject to regulatory approval and customary closing conditions, is expected to close early in 2013.
The Cravath team included partners Mark I. Greene and Andrew R. Thompson and associates Kenneth S. Gerold and Isaac C. Beerman (corporate); partner Michael L. Schler and associates Dana Frenkel and Joanne J. Lee (tax); partner Eric W. Hilfers and associates Jarrett R. Hoffman and Matthew Cantor (executive compensation and benefits); partner Matthew Morreale (environmental); senior attorney John Gerhard (real estate); and partner Christine A. Varney and associate Veena Viswanatha (antitrust).